Russia’s war of aggression against Ukraine has turned businesses and the economy into not only targets but also instruments of war. Economic factors have emerged as important elements international politics more broadly. More and more of the goods and services that are critical to the functioning of society are now produced by the private sector and are highly dependent on international supply chains.
During the post Cold War era the role of governments was to facilitate international trade and economic integration. But now governments are viewing businesses from the perspective of their national strategic and security interests.
Preparing for geopolitical changes has become an integral part of businesses’ risk management. These developments have also reshaped the economic and political assumptions behind the structure of businesses: the transition towards strategic capitalism is changing what is acceptable in business and what society expects of businesses.
An article addressing how geopolitical changes have affected the characteristics of the corporation was published in the Defensor Legis legal journal of the Finnish Bar Association (special issue dedicated to legal aspects of the Ukraine war).