Communication is still a gigantic issue to overcome. So is managing teams and availability during the work day.
If anything, it might push more really smart people to start their own companies instead of working for someone else to achieve a lesser level of prosperity.
Communication is huge but I can assure you I've worked with teams on the opposite side of the globe asynchronously without issue. The concept of "workday" can be tossed aside if we are thinking 9-5 M-F.
Global teams can adjust schedules and work effectively. I know because I've managed teams like this in very complex software projects and it has worked.