The place where commodities and services are exchanged among the countries on a world-wide scale, the sum total of national markets interconnected worldwide and the markets between countries. The world market is as much an economic concept as it is a geographical and historical concept. The formation and development of the world market is a historical process. It began in the 15th-17th centuries with the great geographical discoveries and took shape in the late 19th and early 20th centuries. . .
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