National Sovereign Economy, Global Market Economy, and Transnational Corporate Economy

This paper conceptualizes transnational corporate economy as an additional sub-structure of the world economic system. This is useful in understanding the phenomenon of globalization by way of differentiating the present trend of globalization from its earlier (pre-World-War I) counterpart. The authors examine the nature and welfare implications of the integrated global economy. Further they present a comparative study of the national sovereign economy (controlled by nation-states) and the global market economy (driven by the market) in the context of the transnational corporate economy