The world market and its segments. Tradable and non-tradable goods

World Market: composition of markets of all countries where all exported (imported) products are traded. The aggregate of all national markets, seen as linked through mutual economic and trade relations.

In its initial form, the world market was based on the capitalist mode of production and was the world capitalist market. At the present stage, the world market takes in the full international division of labor as practiced between the world’s two socioeconomic systems. The world market has expanded in scale as social production has become increasingly internationalized.

Further prospects for progressive development of the world market are necessarily linked with the creation of conditions within that market which will strengthen peaceful coexistence between countries with differing social and political systems and which will expand the opportunities for all countries to enjoy the benefits of a mutually advantageous international division of labor.

Segments of the World Market:

• Goods

• Services

• Capitals

• Labor

Tradable goods(UNISIC): can be exported

• Agriculture, fishing, forestry

• Products of extractive industries

• Products of manufacturing industries

Non tradable goods: sold only where they are produced

• Utilities, construction

• Transport, logistics, communications

• Wholesale, retail trade

• Financial intermediation

• Education, healthcare, public works

• Other public, social & personal services