Globalization is not global. Instead, relatively equal participation in a globalized economic system is limited to a select few countries, and in a select few areas. Interdependence in economic affairs can only really be found in two regions - North America and Europe, with Japan added for good measure. Anyone not in that group may gain access from time to time, but on terms set by the club's members (for example, the matter of agricultural subsidies and the Doha Round of the World Trade Organization)...
On same day that CNOOC's bid for Unocal ended, Kinder Morgan Inc. (a U.S. energy company) agreed to purchase Terasen Inc. (formerly BC Gas, an important Canadian company with development interests in Alberta's oil sands) for $3.1-billion, with little fanfare on either side of the border or in either national capital. China isn't allowed to play the game that way. Very few others would be allowed to either.
Go read.
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