Exploring the Nexus of Politics and Business: The Return of (Geo)political Risk, Uncertainty, and the State

Political risk—long thought to be confined to the dustbin of history—is back, with state capitalism, populism, geopolitical risk, and democratic backsliding all making the third decade of the 21st century a difficult environment for firms to navigate. The purpose of this curated collection is twofold: first, we will show where political risk today is similar to risks seen in relation to the past, highlighting the contributions made by Academy of Management scholars in the 1980s and 2000s on these topics. For this effort, we focus on various facets of political risk, political uncertainty, institutions and their evolution, and nonmarket strategy. Second, we also show how the burgeoning literature on current issues related to within-country and geopolitical risk has yet to filter into Academy journals and the theorizing therein. Our collection is meant to illustrate that the return of political risk offers the Academy a chance to once again showcase important work at the nexus of business and politics.