I don't believe at all that North America or Europe have a monopoly on talent, so why are North American and European businesses slow to hire from India, China, and the Philippines?
I think a lot of it has to do with communication, not skill. I do almost all of my work for Americans, and I'm not in the US. We both speak english, and even though we spell words differently (like colour versus color), when they give me expectations I inherently understand them. When they give me feedback I understand not only what to change, but how to interpret the way the feedback has been given as well.
I may be able to do this for Canada and the US, but I have found in my own experience that there are English-speakers globally with whom I can't communicate effectively. Though we may spell words the same, all of the social expectations, and the method of communication create a lot more questions than answers. It's not that we can't collaborate, it's just that sometimes bridging that gap in communication is effortless, sometimes it takes a little effort, and other times the effort to bridge the communication gap is more strenuous than the labour you're trying to work on.
Personally, I've tried hiring people from India before. I appreciate their talent, education, and knowledge, but after working with a few I have had to return to working with North Americans simply because when I speak to a North American they hear what I'm really saying.
I do see the talent outside my part of the English-speaking world, and when we find a better way to bridge those cross-cultural barriers to communication the job market is going to be full of amazing opportunities and workers. I'm really looking forward to the international, intercultural, maybe even someday interlingual workforce as we build a more connected world.