The nonmarket strategy (NMS) literature emerged during the heyday of U.S. primacy, when international business and strategy scholars largely assumed an ever-expanding world of liberalizing markets. Foundational NMS contributions reflected these conditions: they emphasized liberalization and the retreat of the state, while still acknowledging the enduring significance of political sovereignty and institutional borders. Although states retained their formal authority, NMS scholarship highlighted global corporations as the central strategic actors, capable of converting nonmarket arenas—politics, regulation, and public opinion—into sources of global competitive advantage.