In the aftermath of the 2008 crisis, however, globalization is at risk of reversing and regressing back to multinationalization, an inefficient fragmented and moribund system that raises the risks of cross-border transactions.
The debate regarding the nature of the world market environment is misplaced because it views multinationalization, globalization, and semiglobalization as universal and mutually exclusive trends that create a unique world market environment, rather than non-universal, non-mutually exclusive trends that create diverse world market environments.