There would be a significant degree of devolution. This is basically what decentralization really means insofar as the governments and world bodies are concerned. This could be equated to more freedom at the bottom part of society or of the ordinary people. 

But I highly doubt centralization will be totally erased. I cannot imagine a country without a central authority. Any state without such uniting authority or set of laws would probably degrade into anarchy or feudalism at best. Somehow a sovereign country will have to have certain regulating powers over businesses and individuals.