The big negative of globalization is the obfuscation of a totalitarian regime sold to the world as free.
Many of the systems we build in the U.S. are quite the opposite of free. Like our stock-market, asset management strategies, venture capital you name it, virtually every financial construct we built violates the most rudimentary principles of freedom, and yet are copied or forced down the throats of other countries all over the world.
Same with our widespread technology implementations which deploy a totalitarian playbook in gross violations of the same principles of freedom, examples are Search, Facebook, iTunes, ICANN registrations, Open Source, etc. with devastating consequences socioeconomically in the long run.
Technology innovation run amok is like cigarette smoking of the 60s and 70s, and in ignorance of sound economics and deploying a totalitarian view of the world will lead to grave consequences, not unlike the buckling medical insurance costs from respiratory disease as now the 3rd leading cause of death. That prediction not including the damage caused by security flaws inherent to open systems of technology.
The internet was a great invention, what we have put on top is a world of make-believe.