ABSTRACT
In the field of economics, growth in world trade is considered a driver of growth in the world economy and a force leading toward convergence in commodity prices across geographically dispersed markets. Moreover, growth in the value of market transactions indicates the commodification of further parts of the world economy. The world market is a term with two meanings within economics: the total of world trade and the total market value. For economists, the world market also refers to total market value, meaning the total of both international trade and domestic transactions. The discursive framework of the growth of the world market within economics emphasizes the positive results of the growth in trade and economic growth at the global scale, that is to say, from ‘the perspective of the world’. Industrialization within parts of Europe intensified trade within the emerging system.
