1) Bibliographic data
Ernst, Dieter and Terutomo Ozawa (2002) “National Sovereign Economy, Global Market Economy, and Transnational Corporate Economy,” Journal of Economic Issues, V. 36-2, June: 547-55.

2) Question(s) addressed by the author and working arguments
This study conceptualizes what is called “transnational corporate economy” as an additional sub-structure of the world economic system. With the emergence of multinational corporations, there has emerged a “third” economy or a global economic system that coexist with both national sovereign economy and the global market economy. The existence of multinational corporations, has only lately been recognized but still remains largely unexplored by, and unincorporated into, mainstream economics because of its methodological constraints.
For business economists the world economy is more often than not hierarchically coordinated by multinational corporations, that is guided by the “invisible hand.”
Multinational corporations emerged after the WWI, but the rise of transnational corporate economy is largely a post-World-War-II phenomenon. The transnational corporate economy, initially dominated by US corporations in a pyramidal shape, has been somewhat “flattened”, though the multinationals from the advanced world are still dominant throughout the world. The world economy need to be conceived as a triumvirate interactive system compose of national sovereign economy, global market economy and transnational corporate economy.
Trade statistics are often used by neoclassical economist to measure the extent and magnitude of globalization. In neoclassical economics the emergence of an international economy as an extension of sovereign economics in the form of global market economy is considered welfare-improving. The market has not sense of social obligations.

3) Conceptual references to transnational-transnationalism
Transnational corporate economy.

4) Conclusions or Final Remarks
The transnational corporate economy can be pressured to deal with the social consequences and other backwash effects of globalisation, especially in the context of its increasingly multi-stake holder nature. The sovereign economies, especially in the developed world, may feel more comfortable with the rise of the transnational corporate economy than with that of the global market economy.