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Transnational Economy
Transnational Economy
A system of economic activities for which state territories and frontiers are not the basic framework, but merely complicating factors, a "world economy" is the extreme case.
(Hobsbawm, E. (1994). Age of Extremes: The Short Twentieth Century, 1914-1991. London: Michael Joseph, p.277.)
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Transnational economy refers to a system of economic activities for which state territories and state frontiers are not the basic framework, but merely complicating factors. In the extreme case, a “world economy” comes into existence which actually has no specifiable territorial base or limits, and which determines, or rather sets to, what even the economies of very large and powerful states can do.
Three aspects of economic transnationalization were particularly obvious: transnational firms (often known as “multinationals”); the new international division of labour; and the rise of offshore finance.
Approved for glossaryposting by Ben Eisen on February 27, 2011