World economy

The interconnected economic activity of countries through trade, finance, production, and investment. It links national economies through cross-border flows of goods, services, capital, and labor.

International trade: The exchange of goods and services across national borders. Cross-border trade connects producers and consumers in different national economies.
Gross world product: The combined value of final goods and services produced worldwide in a given period. It summarizes the total output generated by the world economy.
Globalization: The growing integration of economies, societies, and cultures across national borders. It describes the broader process that has intensified economic connections worldwide.
Autarky: A policy or condition of national economic self-sufficiency with minimal reliance on foreign trade. It represents the opposite pole from extensive international economic dependence.
Global value chain: A network of activities across countries that produces and delivers a good or service. Production stages can span countries, linking firms through inputs, assembly, and distribution.
Purchasing power parity: A method of comparing currencies by the prices of equivalent goods and services. It makes national output comparisons less dependent on market exchange rates.
Global supply chain: A cross-border network supplying inputs and delivering products to buyers. Disruptions in one location can delay production and distribution elsewhere.
Mercantilism: An economic doctrine that treats state power as strengthened by managing trade and accumulating wealth. Its state-centered trade strategy contrasts with accounts emphasizing open global exchange.
Foreign direct investment: A cross-border investment that gives an investor lasting influence over a foreign enterprise. Companies use it to establish or expand operations in other countries.
World Trade Organization: An international organization that administers trade agreements and provides a forum for trade negotiations. Its rules shape how governments manage cross-border trade.

Linked from 1 page

Immanuel WallersteinBroader topic: His analysis treats capitalism as a world-economy rather than a collection of isolated national economies.