National Sovereign Economy, Global Market Economy, and Transnational Corporate Economy
Journal of Economic Issues, Vol. XXXVI No. 2 June 2002
9 Pages Posted: 27 Apr 2016
Date Written: January 12, 2002
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.
Keywords: National sovereign economy, transnational corporate economy, world economic system, welfare implications of globalization, innovation, global networks
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