What are some of the impacts of a global market?

According to economic theory, global markets will result
in an increase in total production by the combined economies of the world.  There may
well be difficulties for specific groups of people in certain countries, but the overall
impact will to increase production.

As markets become
globalized, there will be competition between firms from various countries.  This will
lead firms from all the various countries to specialize in goods and services for which
their country has a comparative advantage.  When this happens, total production will
increase since all countries will be making the things they are best
at.

Of course, there will be problems along the way.  We
can see this with manufacturing workers in the developed world.  They are being
outcompeted by workers in less developed countries.  However, economists argue that
these problems are outweighed by the overall benefits of the global
market.