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One of the most talked-about books of the last two years was “The World is Flat,” in which author Thomas Friedman argued that borders between countries were becoming less and less important.

Now, Pankaj Ghemawat warns in “Redefining Global Strategy” that businesses suffer when they follow such globalization logic too far.

The real state of the world is neither globalized nor local, Ghemawat writes. It is semiglobalized, and will remain so for decades to come.