The global economic system refers to the network of trade, commerce, production, and consumption that connects countries around the world. It encompasses international trade agreements, monetary policies, and interconnected markets.
Related terms
Commercial Revolution: A period of economic expansion characterized by increased international trade, growth of merchant class influence, and rise of capitalism during the early modern period.
Triangular Trade: A three-way trading system between Europe, Africa, and the Americas that involved exchanging goods such as slaves for raw materials like sugar or tobacco.
Capitalism: An economic system based on private ownership of property/resources with an emphasis on market competition for profit.