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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.
Robert Paul Brenner (/ ˈ b r ɛ n ər /; born November 28, 1943) is an American economic historian.He is a professor emeritus of history and director of the Center for Social Theory and Comparative History at UCLA, [4] editor of the socialist journal Against the Current, and editorial committee member of New Left Review.
An example of this phenomenon is the subsequent turmoil in the United States financial markets. [2] International financial contagion, which happens in both advanced economies and developing economies , is the transmission of financial crisis across financial markets for direct or indirect economies.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries ...
The market meltdown set off a global rout in early 2016. [9] [10] [11] According to 19 January 2016 articles in the Xinhua News Agency, the official press agency of the People's Republic of China, China reported a 6.9 percent GDP growth rate for 2015 and an "economic volume of over ten trillion U.S. dollars". [12]
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
1637: Bursting of tulip mania in the Netherlands – while tulip mania is popularly reported as an example of a financial crisis, and was a speculative bubble, modern scholarship holds that its broader economic impact was limited to negligible, and that it did not precipitate a financial crisis.