I know, that’s why I included that last two words in my comment.
The World Series is has been played since 1903 and, since baseball is a game steeped in tradition, the name has been kept the same. There is an international baseball event called the World Baseball Classic. Also, baseball has been intermittently played as an event in the Olympics. One could argue that the best baseball players play in the MLB (that is where they can make the most money) and therefore the World Series is the event where the best players in baseball play against each other; it is the true world championship. No disrespect to the Elitserien.