The world market was the result of developmentinternational trade. It represents a special sphere of commodity-money relations, which is formed between individual countries, based on the division of production factors and labor resources.
The world market is one of the main categoriesworld economy, including its main parameters and supplementing it with other essential features directly related to the mobility of production factors on an international scale.
The notion of the world market is often defined in threeaspects: from the position of the macroeconomic structure of the international economy; from the position of actors participating in the international exchange of goods and services; from the position of political economy.
As a macroeconomic structure of the globaleconomy world market is a set of national markets and individual markets of economic integration groups of the country. The inclusion of individual national markets in general is determined by the extent to which the country itself is included in international relations and is expressed in terms of its total share.
From the position of the subjects of the world economy,participating in world trade, the world market is an international level system of economy, including consumers, producers, organizations and intermediaries, ensuring the development of these relations, which form the aggregate supply and demand.
From the position of the political economy theory, the world market is a set of operations for the purchase and sale of various goods (services) between individual world-class economic entities.
The formation of the world market is conditioned bythe formation and development of commodity production and the international labor market. The main influence on its occurrence was the development of a large machine industry.
There are several explanatory circumstances. First of all, the pursuit of profits has created the best conditions for selling products not only within their own countries, but also beyond their borders. Thus, a situation was formed in which international trade and the world market began to be practically identified. In addition, it was the machine industry that made it possible to produce huge quantities of goods for sale, which widened the limits of the solvency of buyers that appeared on foreign markets.
The capacity of the world market began to grow rapidlypace. The most developed industries rushed to a constant flow for export. Mass production led to an increase in demand for raw materials, which again led to an even greater involvement in the world market, not only buyers but also sellers. Gradually formed not only the market of goods, but also the global capital market, the main function of which is the accumulation and redistribution of funds in the form of capital between individual countries.
The world market was formed as a derivative ofnational, since states initially started the production of any product for themselves, and only then the excess of goods went abroad. That is, the world market has emerged and exists within the framework of the international economy.
The main characteristics of the world market are the following.
Capacity - the aggregate supply that exists on the market at a certain moment. It is numerically equal to the volume of all world exports.
The conjuncture MR is a real demand balanceand a proposal that can be high, low, or equilibrium. The conjuncture depends on a large number of factors, but the main influence on it is provided by the general state of the international economy (upswing - recession - recession - depression), as well as the state of the economic systems of some of the most developed countries; the composition of the subjects of the international market (the more of them are in the composition of monopoly large structures, the greater the probability of possible monopolization of the market in the future).
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