Niall Ferguson,

1
Niall Ferguson, Power

• Power in the globalized world is no longer simply
  to be measured in military terms
• Military power depends largely on technology, and
  the technology gap can be quickly closed
• Military spending depends upon successful
  economic growth and political institutions

2
What is the new form of power?

• Economic growth is a necessary but not sufficient
  condition for power
• Diplomacy can counter military power
• MNCs and international investors do not hold
  real power (nor do international financial
  institutions)
• Consumerism and soft power dont really equate
  to much
• The real dynamic under globalization?
  Traditional power is becoming more dispersed, a
  kind of global democratization of power
• What, then, makes power effective? Credibility
  and legitimacy.