Developed countries can stifle development of less developed countries and exploit their low wages.
Consumers in different parts of the World have greater choice of goods and services.
Goods and Services can be freely traded across borders.
Increased inequality between the wealthy and the poor lead to a divided troublesome society.
Massive economies of scale means more multinational companies operate now which leads to greater similarities between international economies.
In the Western World there has been much more liberalisation of markets through privatisation and deregulation which makes the flow of capital around the world much faster and simpler.
Increasing migration of workers can also lead to exploitation and lessen living conditions for some.
Advancements in technology means the modern World is much smaller and interconnected. A good example is the internet which easily makes communication around the globe simpler to achieve.
Multinational Companies can get access to much wider markets.
Economic recession in one country can trigger adverse reaction across the globe
International transport networks are improving as well as costs of flying decreasing which makes people more interconnected.
Greater economies of scale of MNCs leads to lower prices for global consumers.
Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at a global scale.
Technological advancements means trade can reach even the least developed countries of the World.