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An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
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.
World-systems, past world-systems and the modern world-system, have temporal features. Cyclical rhythms represent the short-term fluctuation of economy , while secular trends mean deeper long run tendencies, such as general economic growth or decline. [ 3 ]
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution.
A world map of countries by trading status in late 20th century using the world system differentiation into core countries (blue), semi-periphery countries (yellow) and periphery countries (red), based on the list in Dunn, Kawano, Brewer (2000) Developed countries are shown in blue (according to the International Monetary Fund, as of 2008).
Articles relating to economic systems, systems of production, resource allocation and distribution of goods and services within a society or a given geographic area. They include the combination of the various institutions, agencies, entities, decision-making processes and patterns of consumption that comprise the economic structure of a given community.
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Chart of the world's gross domestic product over the last two millennia. The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing.