Question

• Discuss the positive and negative aspects of a globalized economic system, especially who benefits and who does not. How do you define power within this context?

Answer 1

Globlised economic system has positive effects like higher employment opportunities, higher culture diversity and cultural intelligence, better cross flow of knowledge and resources, increased bilateral relationships.

However negative effects like excessive interdependence, higher cost of production and standardisation, global uncertainty, risk exposure make it cumbersome.

Power here is defined as national government or ruling party of nation which exercises control and regime.