Abstract Research Summary Global strategy, that is, the analysis of strategy in an international context, has co‐evolved with the dramatic changes in the global economy in the 21st century. Research advances have enabled a more sophisticated understanding of how firms develop strategies in an increasingly turbulent global environment in which societal expectations, technological advances, and political decisions are all in a state of continuous change. In this article, we reflect and provide suggestions for how the field may evolve on five key themes of global strategy: cooperation, coordination, governance, politics, and innovation. We also outline suggestions for future research on global issues that are gaining increasing centrality in business decisions: climate change, artificial intelligence, and geopolitics. Managerial Summary The study of how the context affects firms' strategies has changed with the transformation of the world in the 21st century. Research has provided a better understanding of how managers create and implement strategies in response to changes in societal expectations, technological advances, and political decisions. In this article, we reflect and provide suggestions for future studies on five key themes of global strategy: cooperation, coordination, governance, politics, and innovation in multinationals. We also outline suggestions for analyzing the increasingly important grand challenges that affect business decisions: climate change, artificial intelligence, and geopolitics.
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