Answer: The federal government is very strong, with much power over the states, but at the same time, it is limited to the powers enumerated in the Constitution. Powers not delegated to the federal government, nor prohibited to the states are reserved to the states or to the people. Although the powers of the federal government are limited to those enumerated in the Constitution, those enumerated powers have been interpreted very broadly. And under the supremacy clause of the Constitution, federal law is supreme over state law. The Constitution also limits the powers of the states in relation to one another. Because the United States Congress has been given the power to regulate interstate commerce, the states are limited in their ability to regulate or tax such commerce between them.
Explanation:
access to a larger market
This is a benefit of economic globalization since it will open up a wide range of national, regional, and a lot of other markets in which resources, goods, and services as well as information are free-flowing. Every market will therefore have access to the products of various other markets in the whole world.
loss of jobs in developed countries
Economic globalization has led to an improvement in the developing countries. Unfortunately, this had a negative effect on the jobs already available in the developed countries since the decrease of poverty in other developing countries would cause some immigrants to leave their jobs in the developed countries to go back to their homelands, where significant improvement is already seen.
This is therefore a cost of economic globalization.
depletion of natural resources
Economic globalization would encourage markets to produce a lot more compared to the usual situation since they can export their resources to other markets in various places of the world. This would then lead to some markets specializing based on what they have, causing them to utilize their natural resources more frequently.
Depletion of natural resources is therefore a cost of economic globalization.
increase in production of goods
Because of the free-flowing marketplace of goods and services brought by economic globalization, most markets would see a significant increase in the demand of their products. This will lead them to increase their production to meet that demand. Since they can freely export these goods, increasing the production would yield them more profit than usual, thus this will be a benefit of economic globalization.
