Some positive effects
1. Cheaper imports of manufactured goods which can keep the cost of living down (Making products more affordable)
2. Retraining opportunities for workers in higher wage industries
3. More efficient industries which remain, which could lead to economic growth and job creation (more opportunities in poorer countries)
Some negative effects1. Exploiting of cheaper labor markets
2. Unequal economic growth and development
3. Lack of (small) local business
4. Job displacement (it redistributes jobs by moving production from high-cost countries to lower-cost ones. High-cost countries often lose jobs due to globalization, as production goes overseas)