Globalization has had a major impact on the world at large, both in terms of business and culture. As technology improves, the world metaphorically gets smaller. When that happens, cultures collide and changes begin to occur. Along with all of the positives, there are several pitfalls that can accompany globalization.
First, big business can get even bigger. Large national companies rapidly become so powerful that they hold large portions of the market throughout the world—and they end up pushing out local businesses and putting people out of work while undercutting prices.
Second, threats like terrorism and radicalism can spread rapidly. With technology to aid communication, militant groups can spread their message farther and faster.
Finally, a type of cultural disappointment can occur. Interacting tangentially with other cultures causes people to only experience the good in them. This causes disappointment and disdain towards one’s native culture and engenders bitterness.
There are many other negatives that can accompany globalization, these are just a few important ones.