The world economy is largely a euphemism that masks the basic problem of the global world which consists of markedly uneven markets, social and technological disparities in national economies’ development levels, capital-output ratios and competitiveness. In its direct sense, the concept of the world economy is justified only to the extent that global trade and global logistics exist, which in turn are limited by a number of economically subjective factors.
1. Britain will not seek to remain a member of Europe single market.
2. The legal jurisdiction in Britain of the European Court of Justice will end.
3. But it will seek a free-trade deal with the European Union
4. Both houses of Parliament must approve any final deal.