What would Machiavelli do? This week we use the realist tradition—Machiavelli, Thucydides, Bismarck, Metternich, Kissinger—to frame how boards should operate in a multipolar world. We are back to an anarchic system where states (and companies) pursue self-interest. For corporates, that means recognising you are a geopolitical actor, building a grand strategy with market-specific variants, and being willing to make hard choices—negotiate, comply, contest, or exit—depending on the jurisdiction. The episode unpacks security dilemmas, the costs of one-size-fits-all policies, and examples such as adapting to export controls and divergent tech regulations. It closes with three takeaways for leaders: accept anarchy and human fallibility; map power as it is, not as you wish it to be; and run the company as a political actor with a full toolkit, not a single playbook.

Music is by @BarelySentinet on Sora.