Final answer:
Globalization has positive effects like development, awareness, and potential wealth, but also negatives like corporate dominance and exploitation. Economically, it includes trade benefits and challenges like trade deficits and economic instability in smaller countries.
Step-by-step explanation:
Positive and Negative Consequences of Globalization
Globalization brings a multitude of positive consequences. These include the accelerated progress of development, increased international awareness and empowerment, and the possibility for enhanced economic wealth. On the other side, there are several negative consequences. Critics express concern over the dominance of international financial and industrial corporations, which sometimes results in control over local governments and neglect of the local population's needs. This control benefits mainly these corporations and a few political figures, leaving lesser developed countries vulnerable and often exploited.
From an economic standpoint, globalization has resulted in free trade and unrestricted markets that can lead to trade imbalances. Some argue that despite these concerns, there are methods to address them without constraining trade, thus retaining its benefits. Issues such as the large U.S. trade deficits and the impact of international financial capital on smaller countries are key economic considerations in the discourse on globalization.