Since international trade leads to prosperity, most economics are in favor of globalization. This basic conviction is shared in this paper. Several standard arguments brought forward by critics of globalization-e.g. the claims that globalization increases poverty, destroys jobs, undermines the welfare state, enables international corporations to seize power and leads to environmental degradation and uniform culture-are shown to be invalid. Nevertheless, compared to orthodox economists, a more critical view of globalization is proposed in this paper, and several shortcomings of globalization are discussed. These shortcomings are the unidirectional trade liberalization at the expense of developing countries, international organizations, like the IMF of World Bank, representing narrow economic interests and, above all, the lack of ‘global governance’. Therefore, the implementation of functional overlapping competing jurisdiction (FOCJ) is put forward. It is argued that the alternative proposition of a world government is dangerous, and global solidarity (also in the form of a ‘Global Compact’) ineffective.