Inequality- Globalization increase inequality and increases the
gap between the countries involved in Globalization and the
countries which are not.
Inflation- Sometimes, the demand of some products increases too
much in presence of global trade, that in the shortfall of
quantities of these products, this result in inflation.
BOP- when imports exceeds exports, it leads to BOP crises which
further results in downturn in the economy.
Instability- protectionism from global trade eliminates
instability which could result from opening of markets.
Local business- protectionism also provides protection to the
businesses from MNCs and other big retail companies which could
steal all the market share in case of presence of
globalization.