World economy
Under global economy and world trade , the whole is economic relations in the world understood that all state economies includes. The nominal world national product attributed to it was around 80 trillion US dollars in 2017. It represents a worldwide integration of various sub-markets ( raw material and goods market , financial market , labor market and information market ). The world economy was formed in the 19th century as a result of industrialization and was heavily dependent on the development of the international division of labor , transport and the Communication .
Over the 19th and 20th centuries , the components of the world economy changed qualitatively and quantitatively . The term “bipolar world economy” - applied to the 19th century - emphasizes the importance of Europe and North America and, for the 20th century, that of the poles of the western industrial nations on the one hand and Comecon on the other. "Tripolar world economy" includes a third pole of East Asia , or since the 1990s the core zones North America - Europe - East Asia.
Contractual framework conditions for the world economy include WTO treaties , customs and currency agreements , GATT and OWZE .
World trade is dominated by the industrialized nations, in particular by the European Union with a share of more than a third. The entire African continent (excluding the Middle East ), on the other hand, has a share of just 2 to 3 percent. The emerging markets are playing an increasing role in global economic exchange - above all the People's Republic of China , but also the so-called tiger states .
The current situation in the world economy is generally referred to as the globalized economy .
Real history
The development of an economic interdependence that links people in far apart areas began in antiquity : the economic areas of that time were already linked by various trade routes such as the Silk Road , and in the age of the Crusades this exchange intensified considerably, especially between the Arabs and the European area. The Mongolian Empire was also involved in the east-west exchange, but only in the course of European expansion did the economic relations of distant regions make a decisive contribution to the accumulation of capital in a region. At first, the conquistadors brought wealth to Europe from the newly discovered and conquered areas in a rather one-sided way. In the course of the industrial revolution there was an exchange of goods in these widely separated economic areas, which reduced the production costs for both sides. Because of this practical experience, mercantilism was abandoned as an economic theory and more and more replaced by free trade theory . In this phase a world economy in the modern sense emerged.
Between 1800 and 1913, world trade increased 25-fold, growing much faster than world production. Reasons were
- falling freight rates,
- Tariff reductions. Great Britain (by far the leading maritime power in the world in the 19th century ) had set an example in this regard. Admittedly, not all countries voluntarily reduced their tariffs. India did it because it was part of the British Empire . China and the Ottoman Empire were obliged to do so in the course of credit negotiations. The trend to expand trade was not broken by the fact that from 1870 onwards a number of European countries switched to protective tariff policies.
- Advances in marine engineering , e.g. B. the emergence of steamships , larger ships, ships made of steel (see also list of ship types )
After the split in the world market between the warring parties caused by the First World War , the world economy did not regain the level of integration it had achieved in 1913/14, and in the course of the world economic crisis from 1929 onwards, world trade even collapsed to below 50 percent of its previous level. In the United States, the Great Depression dominated the 1930s. Great Britain, France and Japan built large economic areas with their colonies; From 1933, Germany tried to bind Eastern European countries to itself through bilateral agreements.
After 1945, a strongly cooperating West and Central European economy was built up, which was linked via the Bretton Woods system in a network of 40 countries through fixed exchange rates. What part the Marshall Plan played in this development was and is controversial. The economic split was now between the Western and Eastern blocs . In the 1970s, this system fell into crisis due to two developments: on the one hand, through increased automation and the parallel relocation of jobs in the first and second sectors to countries with cheaper labor, and, on the other hand, through the increased power of the OPEC countries and the resulting enforcement Oil price increase ( oil crisis ). The resulting increase in the movement of goods and the rise in oil prices led to a fourfold increase in world trade and the resulting investments to a sixfold increase in foreign investments .
With the collapse of the Eastern Bloc and the resulting enormous expansion of the market-controlled economic area, deregulation , as agreed in the Washington Consensus of 1990 , gained acceptance worldwide. World trade passed the $ 1 trillion mark as early as 2005, but its enormous increase was far exceeded by non-exchange financial transactions . Despite different calculations, there is agreement that the exchange of goods at the beginning of the financial crisis in 2007 made up less than 10% of financial transactions.
| year | Gross domestic product in USD in million |
Gross domestic product in USD (PPP) in millions |
Gross domestic product in USD per capita |
Gross domestic product in USD per capita (PPP) |
|---|---|---|---|---|
| 1960 | 1,353,783 | ... | 446 | ... |
| 1970 | 2,939,712 | ... | 798 | ... |
| 1980 | 11.097.924 | ... | 2,500 | ... |
| 1990 | 22,542,367 | 28,815,259 | 4.263 | 5,449 |
| 2000 | 33.571.705 | 48,530,987 | 5,484 | 7,928 |
| 2010 | 65,956,673 | 88.996.151 | 9,513 | 12,837 |
| 2017 | 80,683,787 | 127,723,794 | 10,714 | 16,234 |
facts and figures
Data on the world economy according to the CIA World Fact Book .
| Production unit | number | Counting unit | time |
|---|---|---|---|
| Key figures | |||
| gross domestic product | 79,580 billion | U.S. dollar | 2017 |
| Gross domestic product ( PPP ) | 127,000 billion | Int. U.S. dollar | 2017 |
| Gross domestic product per capita | 10,900 | U.S. dollar | 2017 |
| Gross Domestic Product (PPP) per capita | 17,300 | Int. U.S. dollar | 2017 |
| Real GDP growth | 3.5% | percent | 2017 |
| Share of agricultural sector | 6.4% | percent | 2017 |
| Share of industrial sector | 30.3% | percent | 2017 |
| Share of service sector | 63.3% | percent | 2017 |
| inflation rate | 4.6% | percent | 2016 |
| Lower 10% share of income | 2.6% | percent | 2008 |
| Income share top 10% | 30.2% | percent | 2008 |
| Gini coefficient (family income) | 37.9 | Points | 2012 |
| labour market | |||
| Manpower | 3.45 billion | people | 2017 |
| Share in the agricultural sector | 31.5% | percent | 2013 |
| Share in the industrial sector | 23.5% | percent | 2013 |
| Share in the service sector | 45.0% | percent | 2013 |
| Unemployment rate | 7.9% | percent | 2017 |
| Foreign trade | |||
| Exports | 17,310 billion | U.S. dollar | 2017 |
| Imports | 16,880 billion | U.S. dollar | 2017 |
| trade | 34,190 billion | U.S. dollar | 2017 |
| Finances | |||
| Government revenue | 20,350 billion | U.S. dollar | 2017 |
| Government spending | 22,740 billion | U.S. dollar | 2017 |
| Budget balance as a percentage of GDP | −3.0% | percent | 2017 |
| Public debt as a percentage of GDP | 59.9% | percent | 2017 |
| Foreign debt | 76,610 billion | U.S. dollar | 2017 |
| Money supply M1 | 34,610 billion | U.S. dollar | 2017 |
| Money supply M2 | 86,720 billion | U.S. dollar | 2017 |
| Loans | 112,200 billion | U.S. dollar | 2017 |
| Market capitalization | 66,790 billion | U.S. dollar | 2015 |
| Foreign direct investment stock |
34,730 billion | U.S. dollar | 2017 |
| financial assets | 280,289 billion | U.S. dollar | 2017 |
Concept history
Bernhard Harms is considered to be the founder of world economics. He defined in 1914: "The world economy is the entire epitome of the relationships made possible by highly developed transport systems and regulated and promoted by state international treaties and their interactions between the individual economies of the world."
The term "world economics" has often been used by Marxist economists to differentiate it from the term "international economics" in liberal economics.
See also
- Foreign trade , foreign trade theory
- The limits of growth
- Group of eight , group of the twenty most important industrial and emerging countries
- Lists: countries according to gross domestic product , dto. Per capita , exports , imports , industrial production
- World trade / tables and graphs
literature
- Mathias Albert u. a .: Die Neue Weltwirtschaft , Frankfurt / M 1999: Suhrkamp, ISBN 3-518-11983-4
- Hans-Heinrich Bass : Introduction to world economics. Global economic framework of international management , Danzig 2006: University Press , ISBN 83-89786-70-2
- Wolfram Fischer: Expansion - Integration - Globalization. Studies on the history of the world economy , Göttingen 1998, ISBN 3-525-35788-5
- Bernhard Harms : Economics and world economy, attempt to establish a world economy , Jena 1912
- Hans Pohl: Aufbruch der Weltwirtschaft , Stuttgart 1989, ISBN 3-515-05105-8
- Herbert Strunz: Diary of the World Economy 2000-2010: Comments, Criticism, Reflections , Peter Lang Frankfurt 2011, ISBN 3-631-60705-9
Web links
- Literature on the subject of the world economy in the catalog of the German National Library
- Federal Agency for Civic Education , bpb.de: Facts & Figures - Globalization
- visualcapitalist.com , October 10, 2018, Jeff Desjardins: The $ 80 Trillion World Economy in One Chart (Graph "The 80 Trillion (US-Dollar) World Economy in One Chart ")
Single receipts
- ↑ GDP (official exchange rate) , CIA The World Fact Book
- ↑ An essential prerequisite for this were falling transport costs, which were made possible on the one hand by the industrial revolution, on the other hand pushed it forward.
- ↑ Osterhammel, Jürgen; Peterson, Niels: History of Globalization , Munich 2003, p. 61
- ↑ Cf. Nolte, Hans-Heinrich: Weltgeschichte des 20. Jahrhundert , Bonn 2009, p. 228.
- ↑ See Nolte, Hans-Heinrich: Weltgeschichte des 20. Jahrhundert , Bonn 2009, p. 231
- ↑ "In the 1970s, this system got into a crisis that was clearly illustrated by the restriction in the oil supply in 1973." Nolte, Hans-Heinrich: Weltgeschichte des 20. Jahrhundert, Bonn 2009, p. 233, cf. also p. 234.
- ↑ "Between 1970 and 1990, world industrial production doubled, world trade quadrupled and foreign investments sixfold", Nolte, Hans-Heinrich: Weltgeschichte des 20. Jahrhundert , Bonn 2009, p. 235.
- ↑ cf. Nolte, Hans-Heinrich: World History of the 20th Century , Bonn 2009, p. 235.
- ↑ GDP (current US $) | Data. Retrieved July 8, 2018 (American English).
- ↑ GDP, PPP (current international $) | Data. Retrieved July 8, 2018 (American English).
- ↑ GDP per capita (current US $) | Data. Retrieved July 8, 2018 (American English).
- ↑ GDP per capita, PPP (current international $) | Data. Retrieved July 8, 2018 (American English).
- ^ The World Factbook - Central Intelligence Agency. Retrieved July 7, 2018 .
- ↑ Bernhard Harms: Weltwirtschaftliches Archiv , vol. 1 (1914), p. 15.
- ↑ Jozsef Nyilas: The term world economy and the new scientific discipline world economics , scientific journal of the Humboldt University in Berlin. Ges.-Sprachw. RXXII (1973) 6, pp. 507-511.