Transition from an International Economy to a Global Economy

The purpose of this article is to analyze the emergence of a new and different field for economic action. This new field is called the world economy, which is beyond the international economy, and its nature and the fundamental forces affecting it differ from those affecting the international economy. Due to this new environment, phenomena such as global capital and the global value chain have emerged, without which it is impossible to obtain a correct picture of the construction of economics, both within countries and globally. Policy-making will also be different in this new environment. This article is meant to demonstrate how the development of new global phenomena contributed to the emergence of a new global economic climate that has transformed the behavior and position of nations within the new global order. Despite the many differences between theories, in the first part of this article, we will try to highlight the fact that they agree on the formation of the world economy and the world entering a new stage. Based on the data gathered from sources such as the annual reports of the World Trade Organization, the UNDP, and the International Monetary Fund, we present in the second section that the change has actually occurred and the world has entered a new space.