Final answer:
Globalization has accelerated development and increased wealth, but also allowed large corporations to influence local interests. The balance of its positive and negative effects is complex and context-dependent.
Step-by-step explanation:
The positive effects of globalization on the world and its people today include the exponentially accelerated progress of development, the creation of international awareness and empowerment, and the potential for increased wealth. Meanwhile, the negative effects encompass the burgeoning power of international financial and industrial corporations that may prioritize their interests over local communities, threatening the integrity of local economies and even entire countries.
Whether globalization creates more benefits or harm is complex, with critiques focusing on the disproportionate advantage it gives to major corporations and political figures, particularly in the exploitation of resources in less developed countries. However, supporters argue that globalization leads to economic development and international cooperation. The precise balance of benefits and harm is a subject of ongoing debate and often depends on the specific context of countries or regions.