What are the major merits or demerits of globalization?

The merits of globalization:
It makes more goods and services available to more people, often at lower prices.
Globalization has lifted millions of people in the developing world out of poverty.
A globalized society is one in which people all over the world become more aware of other cultures and traditions, which promotes greater mutual understanding. The world is smaller thanks to globalization.
Information and technology can spread much more quickly, often to remote areas of the globe. The practice of microlending and the rise of mobile banking in developing countries such as Kenya are examples of this.
The demerits of globalization:
Globalization encourages businesses to relocate to where labor is cheapest. This means that skilled workers in developed countries such as the United States can be undercut by foreign competitors and lose their jobs.
Globalization encourages a "race to the bottom." This means that, in order to be profitable, companies relocate to those countries with the weakest labor, environmental, and human rights protection. In turn, this prevents developing countries from coming up to the same standards in those areas as the developed world.
The development of a "monoculture" that suppresses cultural identity. If millions of people the world over are drinking the same soda or wearing the same clothes or watching the same movies, then precious cultural practices can be lost.
Globalization puts more power in the hands of large multinational corporations. This reduces the sovereignty of individual states and means that citizens of developing countries can't hold anyone to account for decisions that affect their daily lives.