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No such thing as a global market. Time zones, English proficiency, and cultural compatibility will always be real issues affecting real teams trying to build software.

Don't forget tax domains. Most remote companies in the US want to hire only in the US, not just anywhere in the world, due to needing to set up taxes in every single country their employee might be hired from.

And all the non-tax-related employment law that can also differ.

In theory, yes. Like you’re saying we’re still not quite there yet.

In practice there are constraints that limit job markets geographically, e.g. time zone differences or legal obstacles to hire foreigners.

I'd argue Elance was(?) such a place and it was really bad with the worst clients imaginable.