Task 1: 250 – 300 words – APA 7 style Today’s Global Economy is very top-down driven with the government making all the decisions and regulations as it relates to doing business globally.  What are some advantages and disadvantages to this approach?  Is there another approach that might work better? Task 2: 3 – 4 pages excluding reference and title page – APA 7 style Find a peer-reviewed scholarly journal article discussing electronic innovation and the government. Complete a review of the article by writing a 2-3 page overview of the article. This will be a detailed summary of the journal article, including concepts discussed and findings. Additionally, find one other source (it does not have to be a peer-reviewed journal article) that substantiates the findings in the article you are reviewing. You should use the UC library ( ) and/or Google Scholar to find these types of articles ( )Once you find the article, you will read it and write a review of it.  This is considered a research article review.Your paper should meet these requirements:

Task 1: Advantages and Disadvantages of a Top-Down Driven Global Economy

In today’s global economy, the top-down approach, where governments retain significant control and influence over decision-making and regulations related to international business, is prevalent. This approach has both advantages and disadvantages.

One advantage of a top-down approach is that it allows governments to set clear and consistent policies that promote stability and predictability in the global market. By having a central authority that can enforce regulations and standards, it becomes easier to ensure fair competition and protect consumers. For example, governments can establish rules to prevent monopolistic practices, regulate environmental standards, or establish minimum wage requirements, which may contribute to economic sustainability and social welfare.

Additionally, a top-down approach can enable governments to protect strategic industries and national interests. Governments can implement policies that support domestic industries through subsidies, tariffs, or trade barriers. These measures can provide a competitive advantage to local businesses and help safeguard national security or essential resources. For instance, governments may protect sensitive technologies or natural resources critical for national defense or economic independence.

However, there are also disadvantages to a top-down approach in the global economy. One major drawback is the potential for bureaucratic inefficiency and excessive regulation. When governments have excessive control over decision-making, layers of bureaucracy can slow down processes and hinder innovation. Excessive regulations can also create barriers to entry for new businesses, limiting competition and hindering economic growth.

Another disadvantage is the risk of corruption and lack of transparency. In a top-down system, where power is concentrated in the government, there is a higher probability of corruption, favoritism, and nepotism. Lack of transparency in decision-making and regulatory processes can undermine trust and discourage investment and business activities.

In considering an alternative approach, a more balanced and collaborative model could be beneficial. A collaborative approach would involve greater cooperation and engagement between governments, businesses, and other stakeholders. This approach could leverage the strengths of both the public and private sectors while mitigating some of the disadvantages of a strictly top-down model. For example, governments could work closely with businesses to develop policies that promote innovation, address societal concerns, and foster economic development.

In conclusion, while a top-down approach in the global economy has its advantages in terms of stability, predictability, and protecting national interests, it also comes with drawbacks such as bureaucratic inefficiency and corruption. A more balanced and collaborative approach that involves multiple stakeholders could be a potential alternative to enhance the benefits and mitigate the disadvantages of a top-down driven system.