Most people have begun to realize that in marketing, just as in navigation, treating the world as if it is flat can have drawbacks. But ultimately, cheap commodities, a strong dollar, and weak labor have more likely caused the long boom of the 1990s. Yes, there are losers. But overall, globalization creates jobs because it's more efficient. Geography still matters, because in a global economy, business clusters are important.
Relationships also matter, as do shipping times.