US multinational firms are crucial actors that shape and sustain the rules of the world order. They inherit the advantages conferred by US informal power and generally guide the substance of US foreign economic policy. When they expand abroad to take advantage of the opportunities provided by international rules, their foreign investments anchor their interests and lead them to build political influence. Multinationals do not always win; but the main constraints on their power arise within the US political system. They generally prevail when they credibly link their private interests to public interests and generally fail when their profits clash with prevailing elite views of national security. This book presents sophisticated economics in readable terms and traces a detailed history of the emergence of order in trade, finance, decolonization, development, property rights and intervention since 1945 and into the twenty-first century.

‘A ‘tour de force' of the modern international political economy with a fascinating focus on the role of multinational firms in structuring world order. Both original and broad in scope, Stone's Multinational Order offers keen insights into the past and possible future of international relations.'

David A. Lake - Professor of the Graduate Division, University of California, San Diego

‘Multinational Order is a landmark study that redefines our understanding of how multinational corporations shape US foreign policy. With a novel firm-level framework and a wealth of historical and empirical evidence, this book reveals both the extraordinary influence and the real-world limits of corporate power in global politics. Essential reading for anyone seeking to grasp the complex interplay between business interests, national security, and international order.'

J. Lawrence Broz - Professor of Political Science, University of California, San Diego

‘Multinational Order shows how the world's largest multinational corporations have long shaped US foreign policy and international institutions, with US national security as an occasional check. Blending rich historical narrative and rigorous quantitative analysis, Randall W. Stone offers a powerful account of the enduring centrality of business in international politics.'

Rachel L. Wellhausen - Professor of Government, University of Texas at Austin