One of the most significant changes in the developing world economy is the role and power of world financial markets. Over a trillion dollars a day is turned over in currency exchange transactions and around 95 per cent of these are speculative in nature - capital seeking the fastest and greatest return for its investment. The new global economy is characterised by the power of multinational corporations (MNCs). Multinationals now account for about a third of world output and two-thirds of world trade, with around a quarter of this trade occuring within multinational corporations themselves, between their various subsidiaries.