lobality'' is a term we use to describe a new and different global reality, one in which most businesses will face unrelenting competition from businesses everywhere for everything. Simply put, globality is what comes next after globalization.In the last three decades, globalization has been characterized by two fundamental trends:B Established industry leaders -known as ''incumbents'' -from the developed economies of the United States, Japan, and Europe, relocated their manufacturing activities to developing countries in order to lower the cost of production and, accordingly, reduce the price of their goods offered in their home markets.B The incumbents also began to sell their offerings -usually with few if any modifications for local consumers -into the low-cost markets and enjoyed incremental sales gains, as the consumer economies began to grow in these countries. The flow of commerce was driven from West to East; it followed established Western business practices; and companies in the rapidly developing economies took roles as suppliers, jobbers, and, occasionally, local distributors or partners.