In jspm each version of a package has a unique URL so SystemJS knows where to find it. In the case of react this is jspm_packages/npm/re...@0.14.8/... Then every piece of code is executed as a module so that we avoid using globals as far as possible and can control what version a reference to `import 'react'` gets normalized into, exactly like in the map example you posted which allows using jspm_packages/npm/re...@0.14.7/... instead.
But it is still possible for modules to define globals themselves, and have state. So some libraries won't support multi-version support at all, React being one of those.
In this case React is a peer dependency - a library that should always be deduped to an exact version due to this constraint. Large framework libraries usually make sense to treat as peer dependencies.