Final answer:
Global commerce is predominantly driven by a small number of powerful multinational companies that have expanded and dominated due to globalization. This concentration has increased competition from a global perspective and led to significant economic and political impacts, including job losses in developed countries. The tensions between international competitiveness and domestic economic policy continue to shape discussion on regulation and globalization.
Step-by-step explanation:
While there are numerous firms conducting business across national boundaries, indeed, much of global commerce is concentrated within a relatively small number of powerful multinational corporations. These corporations have the resources to scale up their operations and enter international markets, often establishing a dominant presence. The process of globalization has made it easier for such firms to relocate aspects of their operations to countries with cheaper labor and laxer environmental regulations, a phenomenon that has had profound implications on local and international economies.
Globalization has fundamentally altered market boundaries, increasing competition as firms are no longer only contending with local competitors but with international ones as well. This shift is visible in industries like the auto market where previously dominant U.S. firms now face stiff competition from global automakers. The losses of well-paying jobs and ensuing political and societal ramifications in countries like the United States highlight the complexities of globalization - a process that can simultaneously weaken and provoke a strengthening of nation-state powers.
Considering trade and industry practices, there is a debate over whether policies like antitrust actions against dominant firms such as IBM, Microsoft, and are as relevant in the context of a global market. Some argue that in a globalized economy, having large, competitive firms is necessary to compete internationally, while others maintain that protecting domestic businesses and jobs requires regulation and incentives to keep operations within national borders.