Perhaps the biggest cost of globalisation that has never been factored into the equation (or more likely it has deliberately been left out), has been the issue of what happens when a Country becomes dependent upon supplies of goods or services that come from another Country, or Countries that may not always have interests that are mutually aligned or have like for like benefits with the UK at their heart.
The best example of where dependency can compromise the security of a country or of the interests of that country is very current and comes in the form of the dependency that Germany has on Russia for its supplies of natural gas.
During the Ukraine crisis (late February 2022), Western Countries excluded Russia from the SWIFT International Banking System as a punishment (also known as a sanction) for invading Ukraine. Yet Germany had a special dispensation to not do so, as it would not have been able to continue paying the Russians for gas supplies, if it had continued to be involved.
Whilst Germany was most compromised by becoming dependent upon Russia for energy supplies, the reality is that as a Country, the UK is far too dependent upon other Countries for the supply of essential goods and services too.
For as long as this situation exists, and for as long as we have politicians in control of the UK who either cannot or will not take tough decisions on energy supplies or the supply of anything that is essential to us as a matter of course, we will remain at risk of high-level compromise with countries that supply us and can therefore bribe us, as our security as a Nation will remain exposed.