World Market

Also found in: Acronyms.
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

World Market


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.

The victory of the Great October Socialist Revolution and the formation of the world socialist economic system and of the world socialist market as components of the world market have curbed monopoly capital’s formerly unchallenged power to dictate over the world market. New trends in trade relations, both between socialist states and between states with differing socioeconomic systems, can now develop and expand within the overall world economy. In the early 1970’s, the socialist countries accounted for over 10 percent of world trade volume; of this amount, approximately two-thirds represented trade between socialist countries and one-third was trade involving nonsocialist countries. As the majority of the world’s colonies achieved political independence after World War II, the quick development of firm and friendly trade and economic relations between these countries and the world socialist system created significant new possibilities for the success of an anti-imperialist policy of pursuing economic independence within the world market.

The socialist countries, along with progressive forces throughout the world, are fighting for the establishment of stable, truly equitable relations within the world market. This would further the development of relationships of mutual advantage, both in foreign trade and in the sphere of comprehensive industrial, technological, and scientific cooperation among all countries. In today’s scientific and technological revolution, this would allow maximum utilization of the international division of labor. Such cooperation also constitutes a reliable material factor in the strengthening of peaceful relations among states.

A particular feature of the world market at its present stage of development is the trend toward comprehensive long-term cooperation between countries with differing social systems, established through major intergovernmental agreements. Such agreements have been concluded by the USSR and other socialist countries since the early 1970’s with many of the developing countries, as well as with a number of advanced capitalist states.

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.


The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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