The process of globalization of finance, trade, communications, information technology, and world politics contains both challenges and dilemmas. Furthermore, the process is riddled with unintended consequences. From Asian currency crisis (1997) to the current economic downturn (2008-present), the fear that the market collapse could suddenly become global has become a reality and the need for an early-warning system for deteriorating national finances has become an imperative. The costs and benefits of globalization are not equally distributed among and within nation-states, as the most vulnerable are likely to suffer unjustly. Some unconscionable human costs will accrue to those most vulnerable and least able to adjust to such changes. The world is headed for a period of de-globalization, facing increased international tensions, conflicts, and nationalist fervor. The competition between great powers—specifically the United States and China—will surely dominate the political scene in the twenty-first century, and governments will aggressively intervene in their national economies as state power grows. Many observers have appealed to a rights-based approach to poverty reduction in the context of global justice, suggesting that the best way to tackle poverty is by defining it in terms of human rights entitlements. This paper addresses the ethical dilemmas of globalization and liberalization by first examining the extent to which globalization jeopardizes the social ethics of protecting the most underprivileged, and then by focusing on the varied consequences of globalization. The significance of this project lies in its ability to demonstrate the perils of subjugating public policy to the market economy. This paper concludes by suggesting possible structural solutions to the mal-distribution of benefits and costs of globalization.