What are the disadvantages of globalization?

The disadvantages of globalization are as follows:

1)       Benefit of globalization is for few industrialists, common man faces inflation.

2)       Globalization, Liberalization and Privatization may lead to unemployment.

3)       Abolition of import tax has reduced national income.

4)       Multinational companies are using natural resources of poor nations indiscriminately.

5)       Due to uncontrolled competition, local small scale industries are suffering a loss.

6)       Inequality, such as rich nation and poor nation is created in the world.

7) Degeneration of basic values is increasing.