What are the pros and cons of globalization and free trade?

Pros

The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

Cons

Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

Pros:

Encourages free tradeEliminates currency manipulationMore potential jobsMore development in poor areas of the world

Cons:

With corporatism, wealth can be accumulated with the richPeople might lost their jobs because others might accept lesses payDisease travels faster in a globalized worldIt could have a negative impact on the environment