Here are some pros of globalization:
It encourages free trade, thus making goods and services more widely available at a lower price. Consumers benefit from this as they are saving money on items that would otherwise cost a lot more. Businesses benefit by having access to a bigger market for the goods and services they provide.
It lifts people out of poverty. Thanks largely to globalization, increased job opportunities have been created in countries traditionally asset-poor but labor-rich developing countries such as India, which has seen its poverty levels fall dramatically in the last two decades.
It facilitates the spread of information and technology across the globe. As well as goods and services, information and technology are spread more quickly across the world by globalization. In developing nations such as Kenya, for example, one sees the exponential rise of mobile banking and micro-lending, practices that would've been unthinkable prior to globalization.
On there other hand, cons of globalization are as follows:
Workers in developed countries lose out. Globalization makes it much easier for companies to relocate to parts of the world where wages are a lot lower than they are in developed nations. Under NAFTA, for example, it's estimated that the United States has lost somewhere in the region of 415,000 jobs to Mexico, many of them high-skilled manufacturing jobs.
Globalization has had a negative impact on workers' rights and environmental protection. This downside of globalization is closely related to the one we've just examined. If a company relocates to the developing world, this means that they are subject to a much less rigorous regulatory regime, especially when it comes to workers' rights and environmental protection. In other words, globalization encourages a "race to the bottom" in which companies actively seek out those countries with the weakest labor laws and the lowest environmental standards.
Globalization puts more power into the hands of large multinational corporations. The growing wealth of multinational corporations makes them politically powerful at the expense of citizens and governments. This has a potentially damaging effect on democracy and national sovereignty as such companies aren't fully accountable to the citizens of the countries in which they operate.