Conventional thinking about the "global" economy is challenged in "Business Strategy in a Semiglobal Economy," a new book by Panos Mourdoukoutas, a professor of economics at the C.W. Post Campus of Long Island University and a resident of Plainview.

Despite the fall of trade barriers brought about by entities such as the North American Free Trade Agreement and the World Trade Organization, much of the world's economy has remained local, Dr. Mourdoukoutas writes.

"In the middle of the first decade of the new millennium, globalization is not turning into a universal trend," he writes. "Economic integration is advancing in different gears across countries and industries, while consumers retain their preferences even within highly integrated regions."

The successful company, Dr. Mourdoukoutas writes, will be capable of both local and global commerce.

"The rise of the semiglobal business environment requires the development of a new business model, the semiglobal corporation, which combines and balances the conventional hierarchical model of the multinational corporation with the modern model of the non-hierarchical global corporation rather than substituting one for the other," he writes.

Dr. Mourdoukoutas, an expert on Asian and world economies, is the author of nine books and numerous articles and was the 2001 recipient of the Literati Club's Highly Commended Author award.

"His cogent, detailed analysis should interest many business professionals and is a 'must read' for international management and marketing students," said Bozena Leven, chair of international business at The College of New Jersey.

"Business Strategy in a Semiglobal Economy" is published by M.E. Sharpe. The price is $28.95 (softcover) and $68.95 (hardcover). Visit www.mesharpe.com for more information.