This chapter proposes that we are in the midst of a transition period in which economic competition and international business are the new arenas for international rivalry. International business is the instrument, multinational companies (MNCs) are the force, and international managers are the strategists with which nations attempt to gain a competitive advantage. In such an environment, it is vital for us to understand and learn how to manage international business. Ten major factors underline the importance of international business and the management of such an operation. These factors are discussed in detail.