What are some recommended practices for organizing and managing global configuration settings for a multi-component Python application?

Organizing and managing global configuration settings in a multi-component Python application consists of several practices - first, centralize configuration settings in a dedicated configuration file, like a JSON or YAML file. Make sure to use environment variables to override these settings when needed, providing flexibility for different environments.

Then, implement a configuration loading mechanism that reads the settings from the file and environment variables. Organize settings hierarchically, grouping them by component or module to maintain clarity and avoid naming conflicts. You should also consider using configuration management libraries like `configparser` or `python-decouple` to simplify configuration handling.