“…Government regulations and cultural differences segment the world into the broad triad regions of North America, the EU and Asia-Pacific. (Rugman, 2005: 2, emphasis added) The regionalists' arguments are in direct contrast with those scholars who assert that MNCs are at the core of the globalization process, and qualify Rugman et al's definition of globalization as 'parochial and myopic' (Bird and Stevens, 2003;Clark and Knowles, 2003;Clark et al, 2004;Stevens and Bird, 2004). Globalization scholars emphasize, first, that globalization goes beyond trade or economic events and, second, that even if one focuses on the economic dimensions of the globalization process, firms' revenues -the main dependent variable used by the Regionalists -do not necessarily capture MNC activities abroad Knowles, 2003, Stevens andBird, 2004).…”