International Business --- Globalization

Positive and negative effects
The term "globalization" is used to refer to these collective changes as a process, or else as the cause of turbulent change. The distinct uses include:

Economically, socially and ecologically positive: As an engine of commerce; one which brings an increased standard of living — prosperity — to Third World countries and further wealth to First World countries.

Economically, socially, and ecologically negative: As an engine of "corporate imperialism;" one which tramples over human rights in developing societies, claims to bring prosperity, yet often simply amounts to plundering and profiteering. Negative effects include cultural assimilation via cultural imperialism, the export of artificial wants, and the destruction or inhibition of authentic local and global community, ecology and cultures.
It is often argued that even terrorism has undergone globalization, with attacks in foreign countries that have no direct relation with the attackers' own country.
Since World War II, barriers to international trade have been considerably lowered through international agreements such as the General Agreement on Tariffs and Trade (GATT). Particular initiatives carried out as a result of GATT and the WTO, for which GATT is the foundation, have included:

Promotion of free trade

Of goods:

Reduction or elimination of tariffs; construction of free trade zones with small or no tariffs
Reduced transportation costs, especially from development of containerization for ocean shipping.
Of capital: reduction or elimination of capital controls
Reduction, elimination, or harmonization of subsidies for local businesses
Intellectual property restrictions

Harmonization of intellectual property laws across nations (generally speaking, with more restrictions)
Supranational recognition of intellectual property restrictions (e.g. patents granted by China would be recognized in the USA)