An international economic system refers to the framework of rules, institutions, and agreements that govern economic interactions and transactions between countries on a global scale.
Related terms
World Trade Organization (WTO): The WTO is an international organization that deals with global trade rules among nations.
International Monetary Fund (IMF): The IMF is an institution that aims to promote stability in the international monetary system by providing loans and financial assistance to member countries.
GATT (General Agreement on Tariffs and Trade): GATT was an international agreement aiming to reduce barriers to trade through tariff reductions and other measures. It later evolved into the WTO.