Global EconomyFrom Gale Encyclopedia of U.S. Economic History
The global economy is the economy associated with financial markets and institutions in which traditional geographic and national boundaries do not restrict economic transactions and consumer activities. The development of the global economy, called globalization, has been characterized by an increasing interconnectedness of national economies. Globalization has been supported by number of factors, including international deregulation of financial markets, technological advances facilitating the careful monitoring of world markets, and increased institutionalization of worldwide economic institutions.