https://www.ted.com/talks/pankaj_ghemawat_actually_the_world_isn_t_flat#t-1003026
In the video, the speaker--economist Pankaj Ghemawat--explains how people generally overestimate the extent to which our world is truly globalized. He talks about globalization in terms of international phone calls, investment, trade, and migration. It seems that the 'Global imaginary,' as well as the very connectivity that this imaginary entails, does not exist at the level people tend to believe it does. Watch the video from 5:26 for about 2 minutes to get an idea of the difference between how globalized our actually world is--by the standards that the speaker gives--compared with the social perception of how globalized our world is.
While the implications of the world not being as globalized as we believe may have many implications, one important implication that was pointed out in the video is that knowledge of the world not being fully globalized can be used to reduce fears of various types in developed countries. For example, the video points out that in one particular survey, [see the video at roughly 15:40], people tended to estimated that 30% of our GDP was spend on foreign aid. This number is really only about 1%. If the average citizen knew this perhaps securing more foreign aid for countries in need would become a priority--there would likely be a push for further helping developing countries.
The idea that our world isn't as globalized as we think doesn't necessarily undermine the theories associated with globalization such as the 'World-Systems Theory.' In fact, the components of the 'World-Systems Theory' such as the pervasiveness of the capitalist political economy/culture and the hierarchy of the periphery, semi-periphery, and the core (and their respective relationships) will likely becomes more visible as the world becomes more truly globalized. It is my belief that the components of this theory explain trends that are already occurring, but will occur to a greater extent when the qualifications for full Globalization--as expressed by Pankaj Ghemawat--are met.