In terms of economics the benefit of globalization is that it allows countries to trade, network, share, buy and sell easier than before thanks to the ease of communication. This, in turn, is supposed to create more jobs and possibilities of growth in the market.
The cons of globalization (which should not be, but exist) is the danger of monopoly from the part of newly-organized and powerful organizations that wish to get a hold of a great part of the new global market. Some businesses can be extremely ambitious and may want to take over the smaller "fish". For that reason, it is imperative that we maintain a good balance in the world's economy and that way we can all benefit.