Strange (1996, p.14) famously said that power has gone from states to global markets. The resulting "diffusion of authority away from national governments has left a yawning hole of non-authority, ungovernance it might be called." Briefly explain what she means. In contrast, Mikler (2018, chapter 1) discusses two key reasons why power has not gone from states to global markets. Identify and briefly explain these two reasons.

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Susan Strange argues that that world markets are now more powerful than nations and that nations have given up much of their political and economic authority to global markets. Strange claims that technology stands behind this shift as well as the growing emphasis on finance. Markets have entered into politics,...

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Susan Strange argues that that world markets are now more powerful than nations and that nations have given up much of their political and economic authority to global markets. Strange claims that technology stands behind this shift as well as the growing emphasis on finance. Markets have entered into politics, often pushing nations out of the way in order to dominate. Yet people still look to nations for governance, and nations, with their authority now limited in many ways, often have to intervene in people's lives and control them in smaller, more immediate ways in order to persist in some kind of authority. Nations are failing to actually govern, however, as the market expands its influence throughout the world.

John Mikler, on the other hand, argues that power has not shifted from nations to markets. Rather, global corporations have largely captured political power, and these corporations are actually national far more than multinational. They actually oppose the free market and are closely tied to their nations of origin. These nations, therefore, are not really losing political power as much as shifting part of it into the corporations that are joined to them. The shift of power to the global market is only a myth, Mikler maintains.

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