Final answer:
Globalization boasts benefits like increased wealth and spread of technology, yet it also poses risks, including the loss of local culture and the potential for increased inequality influenced by multinational corporations.
Step-by-step explanation:
The advantages and disadvantages of globalization are complex and multifaceted. On the positive side, globalization has led to increased wealth, improved standard of living for some, and the spread of technology and ideas across borders. These benefits are often underscored by examples such as the accelerated progress of development and the promotion of international awareness and empowerment. However, there are significant downsides as well. Critics point to the loss of local culture, the domination of multinational corporations which can influence political decisions, and the potential for increased inequality, where primarily corporations and political elites benefit. Countries that depend heavily on natural resource extraction are particularly vulnerable to these negative impacts.