Famous American economists of the last century K.R. McConnell and S.L. Brew writes that "a market is any institution or mechanism that brings together buyers and sellers of a particular product or service."

The market, in general terms, is a system of exchange of products of labor, different in their consumer properties, as commodities. The exchange between suppliers and buyers is not free, but is carried out on a reimbursable basis. It follows that the market presupposes the presence of labor products that are different in their consumer properties, as well as different owners.

The emergence and formation of the market is due to the development public division labor and commodity production. With the growth of commodity production, the market also develops - a way of exchanging products that are intended for sale, and not for consumption by the producers themselves.

Under the slave system, the production of goods and commodity circulation within individual countries were extremely poorly developed. This fact led to a low product range, which was sent to the foreign market. And yet, it was during this period, with the slave-owning mode of production of goods, that the world market arose. In those days, it was mainly an inland market. Greece, Rome, Ancient Egypt traded between themselves and with numerous cities of the Mediterranean and Black Seas. But slavery, by its very nature, was not commodity production and therefore could only partially serve as the basis for the development of foreign trade. Its stronger foundation was handicraft production. Therefore, the world commodity market that took shape in the era of slavery, in its socio-economic nature, was a craft-slave-owning market.

There was almost no differentiation in social production. Commodity exchange between individual commodity producers covered only small areas. Merchant capital, acting as an intermediary between commodity producers, gradually involved more and more new districts and regions in the exchange.

But in the conditions of their political and industrial disunity, the commodity exchange was of an irregular nature: there was no single national market, social needs were satisfied mainly with locally produced products. The weak development of the social division of labor within individual countries prevented the establishment of regular trade relations between them. Foreign trade had not yet received significant development and was not essential in meeting the needs of feudal society as a whole.

However, it was under feudalism that the ancient world intracontinental market developed into an intercontinental one. Medieval China traded not only with India, but also with Arabia and South Africa. Venice and Genoa traded both with the feudal countries of Europe, and with Egypt and the states of the Middle East. The voyage of Vasco da Gama connected these two regional international markets, and the discovery of America by Columbus and the circumnavigation of Magellan connected all regional markets into a single chain.

The method of exchanging the products of labor as goods produced by owners separated from each other began to develop at the end of the era of feudalism under the influence of the emergence of capitalist enterprises, the separation of industry from agriculture, as specialization Agriculture in different areas in the production of certain types of goods, in effect, crushing industrial production for a growing number of industries.

Under the conditions of developing capitalist commodity production, each of the branches of industry and agriculture is gradually becoming a market for each other. The differentiation of production into specialized branches contributed to the expansion of the social division of labor. The deeper the division of labor becomes, the more commodity production develops, the more the sphere of commodity exchange expands, i.e. a national market emerges. When the process of specialization of capitalist production goes beyond the boundaries of individual countries, then it is supplemented by international exchange, and on this basis a new world market develops.

Thus, the world market began to represent a set of markets of individual countries, which are interconnected by barter. The world market is based on the international production specialization of individual countries and is an area where, in order to ensure expanded reproduction, products produced by one country are replaced by products from another. The exchange of goods on the world market is a process that ensures the continuity of expanded reproduction. Therefore, the relationship between producers different countries through the exchange of goods expands as the scale of production increases. .

The world market in its development goes through three stages, determined by the development of production:

• - The stage of preparation of capitalist production (the era of manufactories);
• - The stage of machine production of individual enterprises;
• - Stage of corporate capitalism.

Each stage in the development of the world capitalist market has its own characteristics, determined by the capitalist mode of production itself. The world market at the stage of preparation for the capitalist mode of production was still in its infancy, undeveloped state. The defining feature of foreign trade at this stage was the predominant role of merchant capital, which acted as an intermediary in the process of circulation of goods produced mainly by small commodity producers and partly by capitalist manufactories.

Large-scale industry had a decisive influence on the formation of single national markets, and then on the further development of the world intercontinental market. As a result of the industrial revolution that took place in England in the last third of the 18th century, and then during the 19th century. and in other countries of Europe and America, large-scale industry began to develop rapidly, which accelerated the formation of national markets and led to the formation of a world capitalist market.

The world market in the stage of capitalism covers the period from the industrial revolution in England at the end of the 18th century to the end of the 18th century. until the end of the 70s of the XIX century, when world trade acquired fully developed features. This stage is characterized by the confident victory of large-scale machine industry in England. The world market is emerging from its initial state and is beginning to take shape as a category of capitalism.

In the 60-70s of the XIX century. The defining feature of the world market is the final consolidation of the dominant role of industrial capital in the economic life of the developed capitalist countries, primarily Germany and the United States, whose industry began to catch up with England in terms of its level of development.

The corporate stage of capitalism covers the period from the 80s of the XIX century. and to the present day, when the transition from the capitalism of free competition of individual enterprises to various forms of corporate domination has taken place. At this stage, the formation of the world market was completed on the basis of the formation of a single capitalist economic system and the worldwide dominance of finance capital.

There are several periods in the development of the modern world economy and the involvement of national economies in it.

The first period - 20-30s. XX century - crisis phenomena in the development of the world economy. The crisis was accompanied by a general instability of economic relations caused by the First World War, the Great Depression of the late 20-30s. in the development of the economy of the leading countries of the world.

The second period - the end of the 40s-80s. XX century - the main force in industrial relations became transnational corporations (TNCs), which formed international production complexes, including the creation of a product, its implementation, payments, lending.

The United States, which sharply increased in its economic power during the Second World War, assisted in the economic revival Western Europe. In June 1947, US Secretary of State General George Marshall put forward a plan to help European countries, which included measures to overcome devastation, stabilize public finances, circulation, and political stabilization. In April 1948, the US Congress passed a relief bill based on the Marshall Plan.

For four years (1948-1951) western European countries received assistance worth $17 billion at current prices (more than $150 billion at end-of-the-century prices), of which 70% was for fuel and food. American exports during this period increased by 60%, European - by 50%. The production of the most important types of industrial products in Europe has grown by 60-200%. In 1951 European GDP was 15% higher than pre-war levels.

The Soviet Union was also invited to participate in the Marshall Plan. But the leaders of the USSR (Stalin and Molotov) made a gross political mistake by rejecting the offer of assistance and dragging the country into a 45-year confrontation with an economically powerful adversary.

The Marshall Plan is one of the most successful economic programs in history. His results are impressive:

• - the economy of Western Europe was restored;
• - European countries were able to pay off their external debts;
• - the influence of the communists and the USSR was weakened;
• - an "iron curtain" was erected around the USSR;
• - The USA and Canada have received a huge sales market;
• - European Union was restored and strengthened middle class- the guarantor of political stability and sustainable development;
• - Russia as an empire ceased to exist, turning into a raw material appendage of the West;
• - The West has seized a huge sales market, unconditionally given over to Russia.

After the completion of the Marshall Plan (1951), as the colonial empires collapsed, aid programs were redirected to developing countries in order to keep them in the system of relations between Western countries. The elimination of the colonial system in the mid-60s. brought to the forefront of international life a large group developing countries which still occupy a special place in the world economy.

In the 50-80s. there was a convergence of the levels of development of the United States and other industrialized countries. However, each individual country has not been able to get close enough to the level of development of the American economy. Foreign economic relations had a steady tendency to expand and deepen. The export quota of industrialized countries increased from 11% to 21%, and of developing countries - from 18% to 26%.

The third period - the last decade of the XX century - our days. The degree of development of geographical space has increased, economic interaction and interdependence have intensified. In the Eastern European countries, processes of formation and folding of economic and political structures close to Western states are taking place. The entry of the world economy into a new phase of development may mark the intensification of cooperation between countries, cause a strengthening of the unity of their economic and political structures.

The leading position in the world economy is occupied by seven industrialized countries - the USA, Japan, Canada, Germany, France, Great Britain and Italy. They account for more than 80% of the industrial production of the group of industrialized countries (AKP) and about 60% of the total world industrial production; respectively 70 and 60% of electricity production; more than 60% and about 50% of exports of goods and services.

In the last decades of the XX century. The United States significantly surpassed all countries in the world in terms of foreign trade turnover (share in world exports on average 13%, in imports - 11%) and the export of capital; the second place was occupied by Germany, the third - by Japan, which for the 1960-1990s. almost doubled its share of world exports.

By the end of the XX century. China entered the top ten trading powers (in 1980 - 20th in the list of leaders), with a share of 3.4% in world exports. By the beginning of the XXI century. China's economic development and exports have skyrocketed. The average annual growth rate of exports in the XXI century. (about 30%) put China among the world leaders in world trade.

Thus, the modern world market has developed in the process of long historical development on the basis of the domestic markets of some leading states. The market relations of these countries gradually went beyond the national-state framework.

Contemporary world economy heterogeneous. It includes states that differ in social structure, political structure, level of development of productive forces and industrial relations, as well as the nature, scale and methods of international economic relations.

International trade is closely connected with world markets. Let us analyze the features of the functioning of this institution of the world economy.

Classification of world markets

Depending on the purpose of economic analysis, the following types of world markets are distinguished. By objects of commercial transactions world markets can be categorized as:

• world markets for goods and services. Example: global coffee market, global car market; world market of financial and banking services;
• world markets for factors of production (resource markets). Example: world labor market, world capital market, world market of raw materials (oil, gas), world market of metals (silver, gold, copper);
• world markets for money and finance. Example: global stock market, global bond market, foreign exchange market;
• global technology markets. Example: the world market of the Internet, the world market of high technologies, the world market of intellectual property.

By level product standardization world markets are divided into:

• to markets for a homogeneous product. Example: most commodity markets, commodity markets;
• differentiated product markets. Example: the world market for textile products; world market cars; global home appliance market.

By buyer type world markets include:

• to consumer goods markets;
• markets for industrial goods (means of production).

By industry affiliation world markets are included in the industry:

• National economy:
  • - industry,
  • - Agriculture,
  • - services,
  • - transport,
  • - connection,
  • - trade,
  • - housing and communal services;
• industry:
• - electric power industry,
• - fuel industry,
• - ferrous metallurgy,
• - non-ferrous metallurgy,
• - chemical and petrochemical industry,
• - mechanical engineering and metalworking,
• - timber, woodworking and pulp and paper industry,
• - building materials industry,
• - food industry;
• sub-sectors.

By the presence and magnitude of barriers to entry allocate:

• world markets without barriers to entry with an unlimited number of participants. Example: world agricultural markets and markets for light industry products, world markets for tourism services;
• global markets with moderate barriers to entry and a limited number of participants. Example: world engineering products (cars, aircraft, equipment), world markets for transport services;
• global markets with high barriers to entry and very few participants. Example: world markets for metals, world markets for the chemical industry, international business in sports;
• world markets with blocked entry and a constant number of participants. Example: world commodity markets (oil, gas), world diamond market.

By scale of operations participants among the markets are:

• local (local) markets;
• regional markets;
• national markets;
• international (cross-border) markets;
• global markets.

Local markets are limited to a small area. It may be the markets of the city, locality, an area inside a big city. Here international transactions can be represented by individual exporters and importers supplying limited segments of consumers with specific goods and services.

Regional markets cover large regions within the country, usually corresponding to the administrative division of the state. It can be the markets of republics, states, regions, districts.

World financial flows- the movement of money capital from one country to another. They serve the movement of goods, services, currencies, their movement is carried out through specialized financial and credit institutions,.

The movement of world financial flows occurs through the main markets: currencies, loans and. World Markets characterized lack of borders and huge scale, round-the-clock operations, use of the world's leading currencies. Their participants are highly reliable and solvent credit institutions, corporations, financial institutions. Operations in the markets are carried out with a high degree standards, mostly in electronic form.

In the world economy, there is a constant overflow of money capital, which is formed in the process of capital circulation. The basis of financial flows are the material processes of reproduction.

The volume and direction of these flows are affected by: the state of the economy, mutual trade liberalization, structural restructuring in the economy, the transfer of low-tech industries abroad, changes in inflation rates, an increase in the scale of imbalance in international settlements, and outpacing the rate of capital outflow over the growth rate of trade.

Features of global financial flows

World financial flows serve the movement of goods, services and the redistribution of money capital. Movement is carried out through the following channels:

• monetary and settlement service purchase and sale of goods, including gold and services;
• foreign investments in fixed and working capital;
• operations with securities and financial instruments;
• redistribution of part of the national income through the budget in the form of assistance and contributions.

The concept and essence of the world market

World flows are distinguished by the unity of form - this is money in the form of various financial instruments and places (aggregate market).

World markets have formed based on the development of international economic relations and represent a system of market relations that ensures the accumulation and redistribution of global financial flows for the purpose of continuity and profitability of production.

This is a set of banks and other institutions through which the movement of flows is carried out.

(MR) is derived from national markets, since any state starts production for itself, and then sells the excess of produced goods abroad. This means that MR always exists only within the framework of the world economy, and therefore all approaches to its definition, as well as the main characteristics, are associated with the concept of the world economy and the characteristics that define it.

In the economic literature, the most common definitions of MR in three aspects:

• from the point of view of the macroeconomic structure of the world economy;
• from the point of view of the subjects of the world economy participating in the world exchange of goods and services;
• from a political economy point of view.

Considering MR from the point of view macroeconomic structure of the world economy, it should be defined as a set of national markets and markets of economic integration groupings of countries.

The degree of inclusion of each of them in the IR is ultimately determined by the type and degree of inclusion of each country in the MR and can be expressed by the corresponding share in its total volume. This is very important not only theoretically, but also practically, since it confirms that the objective conditions for the operation of economic laws in the world economy are formed under the influence of national economies, and this impact is balanced. First of all, this is manifested in the formation of world prices based on the national values ​​of goods (recall the concept of "small" and "large" countries in the economy).

From point of view subjects of the world economy, participating in the MT, the world market is a system of subjects of the world economy (producers and consumers, intermediaries and organizations that ensure their relations), ultimately presenting aggregate demand and aggregate supply.

And finally with political economy point of view MR - a set of acts of sale and purchase of goods and services between the subjects of the world economy.

World financial centers

The objective basis for the development of markets is the contradiction between the deepening of globalization and the limited possibilities of national markets. The basis for the development of markets is competition. The participation of national markets in world market operations is determined by a number of factors:

• the country's place in the global economic system, its monetary and economic position;
• the presence of a developed credit system and activities of the stock exchange;
• moderation of taxation;
• benefits under the law;
• geographical position;
• political stability.

These factors limit the range of national markets; as a result of competition, global financial centers have developed, in which institutions that carry out international operations are concentrated. World centers where operations are carried out by non-residents in a foreign currency for a given country are called . Their varieties are international banking zones where there are special conditions for banking operations different from the national credit market, strict specialization, partial tax exemption. The zone is a set of subdivisions of banks, which separately keep records of international transactions. Their activities are limited to certain types of operations.

There are three types of offshore markets:

• transactions are free from restrictions, regardless of whether they are made by residents or non-residents (these are transactions between non-residents with eurocurrencies - London, Hong Kong, Singapore);
• banks open special accounts exempted from the restrictions of the domestic market, deposits are kept on the accounts for operations only outside the country;
• tax havens - transactions of non-residents are not taxed at all or are taxed at a minimum rate.

As a result of competition in the international market, 13 global financial centers: New York, London, Tokyo, Paris, Zurich, Luxembourg, Frankfurt am Main, Singapore, Bahrain, etc.

The main world markets and features of their structure

Features of world markets:

• huge scale, which is due to the action of the credit multiplier - a coefficient that reflects the relationship between deposits and an increase in credit operations by creating interbank deposits. The same amount of eurocurrencies is repeatedly used for deposit and loan operations during the year;
• lack of clear spatial and temporal boundaries;
• institutional feature: the market is a set of institutions through which the movement of loan capital in the field of international economic relations is carried out;
• restricting the access of borrowers - TNCs, governments, international organizations;
• the use of currencies of leading countries and some international currency units as the currency of transactions;
• universality, globalization of the world market;
• simplified procedure for making transactions using modern technologies, electronic trading;
• the cost of the loan includes interest and various commissions: since the 60s, floating rates have prevailed, which change at agreed intervals (3-6 months) depending on the situation. Fluctuations in rates are due to the state of the economy, international relations, bank liquidity, inflation rates, the dynamics of floating exchange rates, credit risk of foreign exchange transactions, the direction of the national credit policy;
• the euro market shows a higher profitability of operations than in national currencies, since the rates on eurodeposits are higher, and on loans lower; deposits are not subject to the reserve requirement system, and income tax for interest;
• diversification of the world market sectors, including the European market.

Currency market

Banks, brokers and enterprises carry out the purchase and sale of foreign currency at the national rate, which is formed on the basis of supply and demand. Transactions are made with promissory notes and bills of exchange of banks, bank transfers, checks. Currency operations provide international settlements, insurance of currency and credit risks, monetary policy are used for currency speculation.

The global foreign exchange market is a set of relations that arise between banks, non-banking institutions, firms, individuals about international transactions with foreign currencies. The object of the market is cash foreign currency, financial requirements expressed in foreign currency. Here, world financial centers have a number of advantages: they are located in the most developed countries, their domestic markets are the most developed, the centers have wide and effective means connections.

Currency trading took place mainly on stock exchanges, while the over-the-counter market developed in parallel. The modern foreign exchange market appeared in the late 1970s after the collapse of the Bretton Woods system and the transition to a system of floating exchange rates.

Main factors in the development of foreign exchange markets are:

• change in the international monetary system;
• financial regulation - reduction of state control and currency restrictions;
• institutionalization and internationalization of savings and investments;
• liberalization of world trade;
• advances in new technologies;
• innovations in the theory and practice of finance.

As a result, the foreign exchange market has expanded from an interbank market to a market that involves many different institutions. The focus has shifted from serving exporters and importers to managing large capital flows involving foreign currencies.

The global foreign exchange market can be divided into sectors or individual markets on several grounds:

• individual currency markets;
• markets for individual instruments.

Market Participants can also be divided into several groups. A number of sellers and buyers are connected with the "commodity" market, making international transfers for foreign trade transactions. Some participants are associated with "direct investment" by investing in stocks, bonds; a number of participants operate in the "money market", carrying out international transactions with short-term debt instruments. Currency market is the largest and most liquid market in the world.

Currency trading does not happen evenly. There are cycles of high activity and calmness throughout the day. The bulk of transactions are carried out when the majority of potential partners are present on the market. The market is most active when trading takes place simultaneously in Europe and the US.

The global foreign exchange market includes a limited number of large dealer institutions that are especially active in the field of foreign exchange transactions, trading with clients (more often with each other). Most of them are commercial and investment banks. The activities of 2 thousand of them are monitored by the Bank for International Settlements based on the reports provided. Of these, the market forms from 100 to 200 of the most active banks.

The market most often uses an intermediary currency, which significantly reduces the number of exchange rates. The foreign exchange market is the foreign exchange segment of the over-the-counter financial market. The OTC market is not regulated as a market, the participants themselves set the rules; nevertheless, supervisory authorities review banks' foreign exchange transactions. Attention is drawn to capital adequacy, information disclosure, compliance with the law, the quality of banking practice.

OTC market - 90% of foreign exchange transactions, currency futures and separate categories currency options. Exchange trading takes place openly in a certain place.

Participants of the world currency market:

• currency dealers - banks, investment banking firms, hedge funds, Insurance companies; Although the over-the-counter market is called the interbank market, it is in fact inter-Lithuanian. Some of the dealers operate as market makers — dealers who regularly quote the supply and demand of one or more currencies;
• financial And non-financial organizations - less big banks, investment companies, pension funds. For them, a currency transaction is part of the payment process, a means of completing the transaction;
• central banks carry out foreign exchange interventions, realizing the functions of the government's banker, forming foreign exchange reserves;
• brokers - bring sellers and buyers together, receiving a commission for this. At present, electronic brokerage systems have been developed.

Credit market

- the center of movement between countries on the terms of repayment and payment based on supply and demand. It is subdivided into the market of short-term loan capital ( money market) and the long-term capital market (capital market), including financial market- part of the loan capital market, where the issue and circulation take place valuable papers.

The world credit market is the sphere of market relations, where the movement of loan capital between countries is carried out on the terms of repayment and payment.

Financial market

(from lat. financia - cash, income) - in economic theory- a system of relations that arises in the process of exchanging economic benefits using money as an asset - an intermediary. In the financial market, credit is granted, exchange is carried out cash transactions and the placement of financial resources in production, and the combination of supply and demand for the capital of creditors and borrowers from different countries forms the world financial market.

The financial market is divided into:

• , which includes the equity capital market (stock market) and the debt capital market (bonds and bills market);
• derivatives market (derivatives market) - credit derivative, option, futures, forward contract, swap);
• (forex).

The main characteristics of the world market

From whatever point of view we approach the definition of MR, it will always be characterized by a number of indicators. The main ones are:

Market volume- this is the total supply that the market has at any given moment, that is, the amount of goods that is already on the market or can be produced (if a market capacity forecast is made) and delivered to the market. In numerical terms, it is equal to the volume of world exports. Market capacity is closely related to the concept of "demand", which is defined as the need for goods and services offered on the market and backed by money. If it is satisfied, then in numerical terms it will be equal to the volume of imports.

Conjuncture MR- the ratio of supply and demand. It can be high (demand is greater than supply), low (demand is less than supply), equilibrium (demand is equal to supply). The conjuncture of the IR depends on many factors, but the main influence on it is the general state of the world economy (development phase: rise - recession - recession - depression) and the state of the economies of the leading (large) countries, the organizational composition of the subjects of the MR (the more large monopoly structures (TNCs, MNCs), the greater the likelihood of market monopolization, and hence the artificial regulation of the market.

The world market has a commodity and geographical structure. Depending on the goods sold in a particular market, there are world markets for oil, engineering products, food and other goods. The assignment of a particular commodity market to the category of world markets depends on the location of sellers and buyers of this product. They must be placed all over the world (as, for example, in the arms market, oil, sugar). For individual products, the market can be regional and even sub-regional in nature. In this case, it is limited to the framework of individual regions (for example, African) or subregions (integration economic grouping). In the theory and practice of MT, so-called intra-corporate markets are distinguished, in which goods and services are exchanged between branches, subsidiaries and other foreign enterprises of one corporation. By economic essence- this is a quasi-market, since exchange operations are carried out here at artificially constructed prices (transfer prices) or even without the participation of money (barter).

Important in the structuring of MR are its subjects - buyers, who either send it to the sphere of production (sector of industrial consumption of MR) or to the sphere of personal final consumption (food, medicines, non-food consumer goods). Currently, the market share of these products does not exceed 20%.

The market for goods sent to the sphere of production is structured in the same way as world trade. It distinguishes segments of raw materials and finished products. In the latter, the market for investment (machinery, equipment, etc.), high-tech goods (computer and medical equipment, aerospace technology, chemical products, services, etc.) is highlighted. Detailing, segmentation of individual markets, depending on the tasks of the analysis, can be carried out in any detail.

Functions of the world market

In the process of development of the world market, a number of functions have been formed that it performs in the global economy. In a real, mature form, it has integrating, systematizing, mediating, informational, stimulating and sanitizing functions.

Integrating function consists in the fact that, thanks to the market, separate national economies form a single economic system - world economy. This becomes possible due to the objectivity, universality and global nature of international trade and economic relations implemented through the world market. This function of the world market makes states more and more dependent on each other, which means, on the one hand, it contributes to internationalization, globalization of the world economy, and on the other hand, it is its product.

Systematizing function MR is manifested in the ranking of states in accordance with the level of their economic development and the achieved economic power. The result of the implementation of this function is the fact that the states that are at the top level of the world hierarchy (they, as a rule, have the highest value of the average per capita foreign trade turnover per year) really dictate the rules, principles by which international economic relations in general and trade and economic relations are built. in particular.

mediating function is expressed in the fact that the world market mediates (realizes) the results of state participation in MRT. It allows (or not) to turn the product of abstract and concrete labor into a commodity, since only in the world market can supply find (or not) demand. If it does not find it, it means that the product did not turn into a commodity, and the labor for its production was spent in vain, and therefore the state needs to find new directions for its participation in MRT.

Information function consists in informing the seller (manufacturer) and the buyer (consumer) how much their individual (national) costs for the production of the product, the quality of the final product and raw materials correspond to the international (world average). In this sense, figuratively, MR can be represented as a giant computer that works with astronomical volumes of point information (parameters that characterize the product) in real time and gives it to the consumer in an aggregated form throughout the entire economic space that it covers. As a result, the consumer, having compared his parameters of a particular product with the parameters of the world market, has the opportunity to make the necessary decision both at the macro and micro levels to reduce national costs and increase the level of national quality, in particular, by modernizing and even eliminating production.

Stimulating (optimizing) function follows directly from the information. Its essence lies in the fact that, by adjusting (on the basis of information received from the market) their production (volumes, structure, costs), in the aggregate, states change the structure of production in the industry, and hence the industry structure national economy, optimizing it in accordance with trends in the global economy. But since the main direction of adjustments is to reduce the total production costs (which can only be done by implementing the achievements of scientific and technical progress), this stimulates scientific and technical progress in basic industries, increases their manufacturability, science intensity, and, consequently, competitiveness. Thus, MR makes its additional contribution to the optimization of not only the national but also the global economy.

Sanitizing (improving) function means clearing the market and the economy in the most democratic way of economically inefficient structures (economic operators) and improving the operating conditions for the strongest of them.

All MR functions are realized through competition, which can be more or less perfect. Absolutely perfect competition does not currently exist, since the movement of goods between states, the formation of world prices occur not only under the influence of the basic economic laws of market commodity production (the law of cost, supply and demand, labor productivity growth or time savings), but also under the influence of various regulatory measures at the international, interstate and national levels. Serious adjustments to the operation of these laws are made by various kinds of monopolies. At present, a multi-tiered and internally contradictory system of introducing elements of regularity into the regulation of competition operates in the world market, in international trade. Almost entirely on a planned basis, intra-corporate and intra-integration trade is carried out, although trade with third countries is characterized by greater freedom of competition. But even this trade is largely governed by the rules and principles contained in international agreements World Trade Organization (WTO), Global System of Trade Preferences (GSTP), etc. States, primary economic operators, international and national economic organizations at all levels, they are gradually searching for the optimal combination of regulated and competitive principles in the world market.

The concept of the world market- the main object of study world economy (world farms, intereconomy), one of the three divisions of economic theory. The world market is a system of commodity-money relations (in the broadest sense of the term) between states or entrepreneurs, companies, organizations of different countries. The main reason for the emergence of the world market is globalization, which at one time was facilitated by geographical discoveries, the development of transport technologies, as well as politics and diplomacy.

The activity of this market is regulated by international commodity agreements. There are also many organizations that monitor the implementation of these agreements.

In the organization of trade, there are such types of world markets :

• commodity exchanges;
• stock exchanges;
• currency exchanges;
• auctions;
• bargaining;
• international exhibitions;
• trade fairs.

Many of these markets exist in electronic form.

In terms of capital turnover, the first place in international trade is global financial market. It is a market for investments, stocks, securities, loans and credits. Previously, this market was called the world market for loan capital, but now it has gone beyond this definition.

According to the International Monetary Fund, the cost of financial products in this market is currently three and a half times higher than the cost of products of the real economy (goods and services).

International economic relations.

International economic relations- the main activity in the world market. There are the following forms of international economic relations:

1. International trade.
2. International monetary and credit relations.
3. World financial system.
4. Movements of capital and investments.
5. Movement of labor.
6. International production cooperation.
7. International cooperation in the field of science and technology.
8. Activities of international economic organizations.

Subjects of international relations(actors of the world market):

• enterprises, organizations, entrepreneurs of individual countries;
• foreign economic organizations of different countries;
• international economic organizations;
• multinational and transnational companies and corporations.