The world economy or global economy is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account.
Beyond the minimum standard concerning value in production, use and exchange the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of Earth.
It is common to limit questions of the world economy exclusively to human economic activity and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult.
Typical examples are illegal drugs and other black market goods , which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.
However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect worldwide value, for example in cases where the volume or price of transactions is closely regulated by the government. Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of purchasing power.
This is the method used below, which is used for estimating worldwide economic activity in terms of real United States dollars or euros. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 7.
According to Maddison, until the middle of 19th century, global output was dominated by China and India. The following two tables list the country groups with individual countries designated by the IMF. Members of the G major economies are in bold. The following is a list of the twenty largest economies by nominal GDP at peak value as of the specific year according to International Monetary Fund.
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The following is a list of twenty largest economies by GDP based on purchasing power parity at peak value as of the specific year according to the International Monetary Fund and the CIA World Factbook. To promote exports, many government agencies publish on the web economic studies by sector and country.
From Wikipedia, the free encyclopedia. For other uses, see World Economy disambiguation. Archived from the original on 25 March Retrieved 1 April World Economic Outlook Database, October International Monetary Fund. October Archived from the original on Retrieved Retrieved 7 May Retrieved 11 October Archived from the original on 3 April Retrieved 14 May CIA World Factbook.
Archived from the original on June 25, Retrieved October 7, Table A.
Milanovic January Archived PDF from the original on Retrieved 13 May Table I. Archived from the original on 16 August Archived from the original on 4 March Archived from the original on 25 June Archived from the original on 25 May Journals Outline Studies. Alter-globalization Anti-globalization Counter-hegemonic globalization Cultural globalization Deglobalization Democratic globalization Economic globalization Environmental globalization Financial globalization Global citizenship education Global governance Global health History of archaic early modern Military globalization Political globalization Trade globalization Workforce globalization.
American imperialism Base erosion and profit shifting British Empire Brain drain reverse Climate justice Development aid Economic inequality Endangered languages Fair trade Forced displacement Human rights Illicit financial flows Invasive species Investor-state disputes McDonaldization New international division of labour North—South divide Offshoring Race to the bottom pollution havens Transnational crime Westernization World war.
Capital accumulation Dependency Development Earth system Fiscal localism Modernization ecological history of Primitive accumulation Social change World history World-systems.
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Other advanced economies advanced economies excluding G7. Latin America and the Caribbean. Emerging and developing Europe.
Middle East and Central Asia. Sub-Saharan Africa. United States. European Union. United Kingdom.
South Korea. Saudi Arabia.
San Marino. Hong Kong. United Arab Emirates.
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