It seems to me that the real layer of globalization is restricted to the capital markets. In most other areas, institutions remain intensely local. Trade, for example, is still predominantly regional. Even in more developed regions this practice holds true. This regional limitation is true elsewhere.
Most companies are predominantly national, and certainly governments remain very national.
Consumer markets are not only national, but they are segmenting even further within regions as consumer education improves and consumers are able to demand products that precisely meet their needs. I think that homogenization and an affirmation of distinctive cultural identities will occur simultaneously. In terms of large economic and political institutions, cultures are becoming more homogeneous. There aren't as many alternatives and regime types. It isn't possible to have a kind of Peronista economic nationalism, or a certain kind of socialism.