The phrase "downside of globalization" is correct and usable in written English.
You can use it to refer to the negative aspects of globalization. For example: "The downside of globalization is that it can lead to unfair labor practices in underdeveloped countries."
Terror is the downside of globalization.
What happened instead was the downside of globalization.
With technology stocks swooning over the last few weeks, Israelis are discovering another downside of globalization.
NEW YORK – The Ebola crisis reminds us, once again, of the downside of globalization.
Fifth, support free trade, while responding to the downside of globalization.
When I raised the issue with Joseph E. Stiglitz, the Nobel economics laureate and longtime doomsayer about the downside of globalization, he practically crowed with vindication.
So we have had an internationalist president presiding over a period of renationalization (the other great theme of Kupchan's book), by which I mean: looking to the state for an increased role in protecting citizens from the downsides of globalization, while reversing the movement of political power to global institutions.
We've heard plenty this year about the downsides of globalization.
Trump's budget director produced a budget to please the House Freedom Caucus, not to deal with the downsides of globalization.
For example, on trade, potentially the most divisive issue for the party, the 2000 platform includes significantly stronger language than the 1996 platform about protecting workers and the environment against the potential downsides of globalization.
The authors shrewdly analyze President Bill Clinton's grasp of both the upsides and downsides of globalization, which was bringing about the economic and technological integration of the world, even as it was accelerating centrifugal forces of fragmentation.
