This paper argues that business interests need to consider what critics have to say about the negative effects of globalization, and balance both economic and non-economic interests. Furthermore, dealing with the non-economic effects of globalization requires the modification of pure (laissez faire) capitalism, through different perspectives and approaches, some of which are proposed in this paper. These include, consciously acknowledging the downsides of globalization, modifying our thinking about globalization, developing alternative models of development, creating frameworks for collaboration among agencies in critical areas, and creating, modifying or reinforcing (established) multilateral institutions with enforcement powers.