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Is the world globalized as so many pundits claim? The facts say otherwise. Consumption, for example, has a strong domestic bias. Distance and borders are two important reasons for this bias and are a powerful deterrent to globalization. Also, multinational corporations -the organizations that best symbolize the concept of globalization-do not have a global reach, but rather focus their activities within an area surrounding the home market. These facts suggest that regionalization and not globalization is the appropriate characterization of today's economic environment.