The largest publicly traded company is in China. The largest passenger airplane is built in Europe. The biggest movie industry is Indias Bollywood, not Hollywood. And in the most recent Forbes rankings, only two of the worlds 10 richest people are American (Zakaria, p.198).
It is a fact that global wealth is currently shifting from the less heavily populated American and European region to the more heavily populated Asian region. At the same time, one should not forget the fact that, still US is the only superpower in this world. That is why America is causing huge damages to life and properties in Afghanistan, Pakistan, and Iraq in the name of war on terror. Even though Pakistan is a sovereign state and a nuclear power, they were forced to allow America to conduct its missions against Muslim fundamentalists from its soil. Who can forget the fact that America killed Osama without informing Pakistan about the attack which they were going to conduct on Pak soil. Pakistan forced to surrender to the pressure exerted by America because of the huge financial aids they receive from America. In other words, globalization helped Pakistan to gain more financial aids from America like countries. at the same time they forced to sacrifice their freedom and other liberties.
Only within the moment of time represented by the present century has one species-man-acquired significant power to alter the nature of his world. During the past quarter century this power has not only increased to one of disturbing magnitude but it has changed in character. The most alarming of all mans assaults upon the environment is the contamination of air, earth, rivers, and sea with dangerous and even lethal materials (Carson, p.402).
One of the major drawbacks of globalization is the increasing Consumerism. Current markets all over the world are heavily competitive. People get good quality products for cheaper prices.