What are the benefits and costs of globalization?

According to
economists, the benefits of globalization are felt by almost everyone.  Globalization means that
consumers in the various economies will get the best possible prices for the widest variety of
goods.  This comes about as goods can be made in the places where they are made most
efficiently.

The costs of globalization are typically felt by certain sectors
of the various economies.  All economies face new competition as globalization occurs.  Some
sectors of their economy (such as low-skill manufacturing in rich countries) get outcompeted by
competition from other countries.  The people in those sectors suffer the costs of globalization
as they lose their jobs to the foreign competition.