It might cause instability and financial crisis. The capital will be out and in abruptly, which will cause the exchange rate to be unstable. Structurally, it might be the main cause of inequalities and environmental degradation, including rent seeking and corruption behavior.
Globalization typically brings rapid economic growth in developing nations. That may lead to inflation and inequality in those nations. The rapid growth may also cause pollution and damage the environment which means worse living conditions for some people.