Contemporary world

contemporary world - the circumstances and ideas of the present age; "in modern times like these"
modern times, modern world, present times. times - a more or less definite period of time now or
previously present; "it was a sign of the times"

Globalization, which brings flow of capital, goods, ideas, people and technology, has a tremendous
undeniable impact on every sphere of the contemporary world. ... The contemporary global socio-
economic and geopolitical patterns facilitate transnational activities across the borders of nation-
states.Sep 17, 2017

The world economy or the global economy is the economy of all humans of the world, referring to the
global economic system which includes all economic activities which are conducted both within and
between nations, including production, consumption, economic management, work in
general, exchange of financial values and trade of goods and services.[1][2] In some contexts, the two
terms are distinct "international" or "global economy" being measured separately and distinguished
from national economies while the "world economy" is simply an aggregate of the separate countries'
measurements. Beyond the minimum standard concerning value in production, use and exchange, the
definitions, representations, models and valuations of the world economy vary widely. It is inseparable
from the geography and ecology of planet Earth.

It is common to limit questions of the world economy exclusively to human economic activity and the
world economy is typically judged in monetary terms, even in cases in which there is no
efficient market to help valuate certain goods or services, or in cases in which a lack of independent
research, genuine data or government cooperation makes establishing figures difficult. Typical examples
are illegal drugs and other black market goods, which by any standard are a part of the world economy,
but for which there is by definition no legal market of any kind.