Final answer:
Globalization involves the integration of markets, advancement of international awareness, and wealth growth but also raises concerns regarding the dominance of multinational corporations like Walmart, potentially affecting politics, local economies, and the environment.
Step-by-step explanation:
The concept of globalization refers to the process by which cultures, governments, and financial markets integrate into a unified global market. This worldwide integration has propelled development, enabled international awareness, and the potential for increased wealth. However, it has also introduced challenges like the overwhelming influence of multinational corporations on politics and economies, sometimes to the detriment of local societies.
An example of a firm engaged in globalization is Walmart. This multinational retail corporation operates worldwide and epitomizes the essence of globalization by sourcing products globally and establishing stores in various countries. The advantages for Walmart include a vast consumer market, cost-effective labor, and efficiency in logistics. Conversely, the disadvantages may include backlash from communities worried about local business displacement, ethical issues related to labor practices, and the ecological footprint of such vast operations.
Overall, while globalization offers economic benefits and development opportunities, it raises concerns about corporations' influence on politics and the environment, particularly in developing nations. It also affects workers globally, raising questions about their rights and wellbeing.