INTERNATIONAL BUSINESS AS UNUSUAL: NONMARKET STRATEGIES IN THE AGE OF EXTREME UNCERTAINTY

Abstract

In recent years, IB has seen significant advances in the field of nonmarket research and in the development of nonmarket strategies (NMS) aimed at improving the performance of firms by adequately tackling nonmarket challenges. By the 2020s, companies have also adopted a pro- active posture in nonmarket domains, i.e. by pursuing corporate social responsibility as well as corporate political activity. However, this shift had accounted only for what from the vantage point of today seems limited instability in and risks stemming from the nonmarket domain. Events of the early 2020s - the COVID-19 crisis, Ukraine War, and the seething US- China tensions, have heralded an era of extreme uncertainty for IB. This research note is a prelude to a conceptual paper that grapples with the ongoing global challenges for MNEs, and contemplates a new approach to formulating NMS that corresponds to the gravity of the risks posed by the changing nonmarket environment.