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Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, [1] moral hazard, [2] and monopolies of knowledge. [3]
A key example was the chain-ganging between states prior to World War I, dragging most of Europe to war over a dispute between the relatively major power of Austria-Hungary and the minor power of Serbia. Thus, states "may chain themselves unconditionally to reckless allies whose survival is seen to be indispensable to the maintenance of the ...
Balancing can be carried out through internal or external efforts and means. Internal balancing involves efforts to enhance state's power by increasing one's economic resources and military strength in order to be able to rely on independent capabilities in response to a potential hegemon and be able to compete more effectively in the international system.
The concept of inequality of bargaining power was long recognised, particularly with regard to workers. In the Wealth of Nations Adam Smith wrote, . It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the dispute, and force the other into a compliance with their terms.
The European balance of power is a tenet in international relations that no single power should be allowed to achieve hegemony over a substantial part of Europe. During much of the Modern Age, the balance was achieved by having a small number of ever-changing alliances contending for power, [1] which culminated in the World Wars of the early 20th century.
When somebody is an older adult in a relationship with a teen, there's a huge power imbalance and the ability to consent is compromised." Cher recounts her difficult childhood, her entry into the ...
Organski first described power transition theory. [4]: 22 According to Organski in his textbook, World Politics (1958):An even distribution of political, economic, and military capabilities between contending groups of states is likely to increase the probability of war; peace is preserved best when there is an imbalance of national capabilities between disadvantaged and advantaged nations ...
New York Gov. Andrew Cuomo faces an investigation over an alleged pattern of sexually harassing and intimidating women employees. Brendan McDermid/Pool/AFP/via Getty ImagesIn recent weeks ...