This is my answer to this Question on Quora.
At its best globalization should be an amalgamation of comparative advantage. Yet it has become the reduction of the human value.
Globalization has been led by profit and greed rather than by trading value and exchanging advantages in manufacturing and the supply of resources.
In effect our Governments have handed over economic theory to the law of the Jungle – they have walked away from their own responsibilities to citizens and allowed Global Organisations to become third party Governments.
Note: Third Party Government – this sees persons not elected by the People making decisions which will affect their economic futures – such as the World Economic Forum, the IMF and in some respects for those Countries without direct representation – the G20.
Certain Governments and in particular the U.K Government went so far as to hand over their whole economy to International Organisations and Companies and as a result have allowed the U.K to become the doormat of the developed World.
The U.K Government’s compounded their lack of Economic Control by handing over their Economic Sovereignty to the E.U and by doing so took a backseat to the control of the direction of their Economy.
The E.U did not ask for control the U.K Government gave it to them.
The U.K Foreign Office must hold much of the blame for their out-dated historic view of the U.K’s position in the World which has desolated the U.K’s Economy – that and a lack of any new Economy thinking by the U.K Government and Bank of England.
Mark Carney the current Bank of England Chairman is a classic example of a Financial Leader who is unable to produce new thinking and direction. He has failed to combat the Global Effect of Capital making its own policy independent of Government – Globalisation. Carney does not lead he follows and in part is responsible for the debacle that has become Brexit.
Hence the U.K no longer has its own manufacturing base and its R&D is invested in mainly foreign owned companies or emerging companies who are then bought by foreign companies.
Using the U.K as an example Globalisation has produced below economic expectation wages, an unnecessary movement of workers, a strain on Infrastructure , a clash of Cultures and a foreign concentration of Capital as well as third Party Government.
Who is running the U.K? Not the Government. They now have no control over the direction of the Economy. Global Financial Interests run the U.K Economy. The result; no hospital bed for your mother, not enough teaching time for your children, no Police for your house burglary, no new Tanks for the U.K Army.
Brexit will only increase the U.K’s exposure to Globalization. In effect the U.K will become the Developed World’s first Third World Country.
What are the pros? There are none. Until Governments regain control of their Economies then capital will go wherever the least expensive cost of multiplying it is located. There is no ‘level playing field’. Ask Australia. It no longer has a car manufacturing industry.
That is why President Trump wants to regain control of America Economy through the direction of its manufacturing base.
Globalisation can be a power for good but only if it is controlled and directed.
Yes it does provide jobs to developing countries but at what cost and to whose tax department?
We cannot continue to allow large global displacements of the economic power of the people and Governments to corporations who have only their bottom line as the motive for their existence.
If the World is to evolve economic equilibrium we must ensure that Global Economic Organisations and Companies are given the opportunity to align themselves with Nation State Policy and not ‘shareholder bonus’ and that includes Citizen Representation of Global Economic Movements and Organisations.
The bottom line of Globalisation is that ‘There is no Democracy at the International Level’.
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