The global economy is a global economic system

The world economy is a multi-level economic system of a global nature that unites the national economies of countries in the world, based on the world division of labor using the international system of economic relations. In other words, this type of economy can be defined as the aggregate of some farms, as well as non-state structures, which are united by specific international relations.

The world economy is a category that arose from the international division of labor. This contributed to the division of production (the creation of international specialization), as well as the unification of the same production (in the form of cooperation).

The world economy is a set of four levels: international, macrolevel, meso level and microlevel. The main of them is considered to be a macro level, which considers the functioning of large complex economic systems, to which national economies can often be classified. The microlevel studies simple homogeneous systems with the relevant subjects (households and firms). This level is a structural element of the macrolevel. The components of the meso level are complex systems that are part of national economies (for example, economic regions and sectors are used separately). But the international level is based on the interaction of the world's national economies and the corresponding interethnic institutions.

The development of the world economy is closely connected with the presence of the main distinguishing feature of the modern world. In other words, such development consists in the transition to a somewhat different state, as compared with previous periods. For a detailed study of this concept it is necessary to consider the characteristic features of this transition.

First, the general structure of life at the international level has undergone certain changes. So, today the transition of the world to the multi-pole state from the bipolar analogue of it has been accomplished. The end of the cold war and the end of the era of confrontation between the two main political systems marked the beginning of the process of the formation of completely different values and priorities, and new centers of international life were established. Secondly, the world economy has changed the changes associated with the collapse of the Soviet Union. This, first of all, is due to the fact that the superpower ceased to exist. In its territorial borders, a number of independent states have formed, seeking to become full members in the world community.

The role of the world economy is assessed by a certain set of factors, the main of which are:

• Dynamics and level of development of the national economy;
• The degree of its openness and involvement in the division of labor at the international level;
• Development and progressiveness of foreign economic relations ;
• Legal conditions for foreign investment;
• transnational corporations.