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1. What's net benefit of globalization? I think that the net benefit of globalisation is the final result or outcome experienced by different countries as a result of activities revolving around globalisation. For instance, firms from developed nations can set up factories in developing countries to take advantage of low labour cost and the developing countries benefit from increased employment. However, both countries may also experience costs as a result of globalisation; lower employment in developed nations and labor exploitation in the developing nations. So the net benefit/loss of globalisation depends on the relative size of each positive or negative aspect.

2. To what extent do protectionistic measures (namely tariffs and quotas) result in more jobs for domestic workers? Tariffs and quotas makes imports more expensive, which makes buying local products more favourable to consumers. Domestic firms employ more workers when they increase their production. However, domestic firms may employ foreign workers instead (especially for technology-intensive firms which require highly skilled workers), which do not result in more for jobs for domestic workers. Moreover, with reduced competition arising from protectionist measures, domestic firms, which usually have a comparative disadvantage over the product would be producing at a higher cost and producing inefficiently. As a result, tariffs and quotas helps domestic firms increase the competitiveness of their products but compromises the quality of products that can be bought by consumers due to inefficiency in production.

3. While relative global income inequality has been steadily decreasing, absolute global income inequality (national gini coefficient) has seen a rise. Is Globalization to blame? My opinion is that globalisation is not to blame for the increase in national Gini coefficient because globalisation generally brings more benefits than costs; increased product variety, increased flow of technology and increased employment opportunities. I think that the rise in national inequality is largely due to capitalism rather than globalisation because the interaction between people, government and companies worldwide promotes economics growth in the countries involved, but capitalist firms often only focus on profit-making, giving rise to extreme wealth and increasing the income inequality.

1. Do you think that Singaporean culture has been negatively affected by cultural globalisation? Undeniably, cultural globalisation has led to the divergence away from the traditional, ‘asian’ values to more westernised beliefs. I think this negatively affects

Singaporeans, especially to the older generations who are more used to the conservative mindset.

As a result of westernisation, individuals may neglect their family members and This can negatively impact family relations, where the older generations are more used to the conservative culture. 2. Do you witness the emergence of one homogenous culture? 3. State some real-life examples on external cultures penetrating our society?

1. Who do you think is winning the trade war, US or China or neither? Neither countries benefit from the trade war. As international trade is supposed to benefit both countries, the constant retaliation between these two countries would create tension between them which would hinder future trade plans. The trade war also creates an uncertainty for investment, further hindering development opportunities in both countries.

2. Which countries or industries do you think benefits from the trade war that is brewing between US and China? Developing nations such as India, Vietnam and Cambodia are potential candidates that can benefit from this ongoing trade war. As labour prices rise in China, many foreign firms prefer to move their production plant outside of China to these developing nations that still have low wage rates. On the other hand, countries in the European Union may benefit from the trade war as the EU is the largest trading partner of China second to US. As the trade war continues, China may consider increasing trade with its other major partners. 3. How should US and China reformulate their trade strategy in response to the trade war? (Bonus!!) They should formulate their strategy in such a way that benefits both of them. First and foremost, countries must agree on anti-dumping duties because it is unfair. Furthermore, US and China should compromise on certain tariffs rates such that China would still be able to sell their products in US and vice versa. 1. What are some positive effects of Anti Dumping on foreign countries? Anti-dumping policies can prevent imports being sold at a lower price than the domestic markets, hence protecting domestic goods from foreign competition. This protects the domestic employments as it ensures that firms in the domestic country continue production. 2. Should anti-dumping law be prohibited? No. anti-dumping law is essential to protect domestic firms, particularly infant industry who just begun production and are not able to achieve economies of scale. These industries that are not fully established yet are prone to competition by possibly more productive firms from overseas. However, it is understood that anti-dumping laws may cause inefficiency as domestic firms, who are protected from

foreign competition are not under any pressure to produce productive and efficiently without the competition from foreign firms. 3. If a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be “dumping” the product. Is this unfair competition? Personally, I don’t think that it is unfair. The price firms set on a product depends on profitability of the product in the market. If firms were able to make larger profit from selling a lower price for a product overseas, then it would be in their interest to do so....