What is mscorlib

Microsoft's Common Object Runtime Library

and it is the primary assembly for the Framework Common Library.
It contains the following namespaces:

 System
 System.Collections
 System.Configuration.Assemblies
 System.Diagnostics
 System.Diagnostics.SymbolStore
 System.Globalization
 System.IO
 System.IO.IsolatedStorage
 System.Reflection
 System.Reflection.Emit
 System.Resources
 System.Runtime.CompilerServices
 System.Runtime.InteropServices
 System.Runtime.InteropServices.Expando
 System.Runtime.Remoting
 System.Runtime.Remoting.Activation
 System.Runtime.Remoting.Channels
 System.Runtime.Remoting.Contexts
 System.Runtime.Remoting.Lifetime
 System.Runtime.Remoting.Messaging
 System.Runtime.Remoting.Metadata
 System.Runtime.Remoting.Metadata.W3cXsd2001
 System.Runtime.Remoting.Proxies
 System.Runtime.Remoting.Services
 System.Runtime.Serialization
 System.Runtime.Serialization.Formatters
 System.Runtime.Serialization.Formatters.Binary
 System.Security
 System.Security.Cryptography
 System.Security.Cryptography.X509Certificates
 System.Security.Permissions
 System.Security.Policy
 System.Security.Principal
 System.Text
 System.Threading
 Microsoft.Win32