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The main leverage multinationals have on nations is the threat of moving to a lower cost country, they actively use this to reduce regulations, and keep their tax burden down to a laughable level. With one global government they wouldn't be able to shuffle off to a tax haven, or threaten to move to a different country, their main levers will have been taken away
If there is ever a one-world government, and it becomes a dictatorship/theocracy/autocracy/plutocracy, with a powerful police force and intelligence networks (there will be no need for a military), then how will that police-state be challenged from within?
At the moment on planet Earth there are multiple countries, cultures and languages, which all allow the creation and exchange of ideas and ways of living. In a globalist's world, all of these differences would eventually disappear. There would be no outside help to challenge the ruling class who, lets face it, our pretty reluctant to give up their power and wealth under our current system. I can't see that the powerful would behave any differently under a one-world government, which is why such systems are usually portrayed as being oppressive in speculative fiction.