The world economy, or global economy, generally refers to the economy,
The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries' national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one. It can be evaluated in various kind of ways. For instance, depending on the model used, the valuation that is arrived at can be represented in a certain currency, such as 2006 US dollars. Historically the word internet was used, uncapitalized, as early as 1883 as a verb and adjective to refer to interconnected motions. Starting in the early 1970s the term internet was used as a shorthand form of the technical term internetwork, the result of interconnecting computer networks with special gateways or routers. The communications infrastructure of the Internet consists of its hardware components and a system of software layers that control various aspects of the architecture.