World Economy: International Trade, Economic Systems and Development

The world economy refers to the global exchange of goods and services, expressed in monetary units. It also means an aggregate of economic measurements of separate countries. The statistical indicators of employment, industries, energy, transport, etc. are significant for understanding global economy. Economic indicators include gross domestic product (GDP) per capita, gross world product, world median income, inflation rate, etc. Estimation of world economic activities is calculated by converting market valuations of a local currency into a single monetary unit with respect to the purchasing power. This textbook picks up individual indicators and explains their need and contribution in the context of a growing world economy. It elucidates the concepts and innovative models around prospective developments in the crucial areas of international trade, economic systems and development. In this book, constant effort has been made to make the understanding of the difficult concepts of world economy as easy and informative as possible, for the readers.