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The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
The feudal crisis led to the development of the world economic system during the late 15th and early 16th centuries. The most dominant countries in Northwestern Europe were England, France, and the Netherlands (see map of Western Europe on the right). These countries took on the attributes of a core country.
America's economy is so large that the economies of individual states are big enough on their own to be comparable to major countries. AEI Most other countries in the world view the US favorably.
Nominal GDP sector composition, 2015 (in millions of 2005 USD): [5] [6] 2005 prices are used similarly to 2010 constant prices in which they provide economic statistics where inflation is accounted for.
Primarily, along with the BRICs, [66] Goldman Sachs argues that the economic potential of Brazil, Russia, India, Mexico and China is such that they may become (with the United States) the six most dominant economies by 2050. Due to Mexico's rapidly advancing infrastructure, increasing middle class and rapidly declining poverty rates it is ...
Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. Leading the way in 2023 was the ...
Hegemony (/ h ɛ ˈ dʒ ɛ m ən i / ⓘ, UK also / h ɪ ˈ ɡ ɛ m ən i /, US also / ˈ h ɛ dʒ ə m oʊ n i /) is the political, economic, and military predominance of one state over other states, either regional or global. [1] [2] [3] In Ancient Greece (ca. 8th BC – AD 6th c.), hegemony denoted the politico-military dominance of the ...