Purpose -- The purpose of the paper is to discuss the new realities of global rivalry which has been elevated to include economic competition between nations, in addition to the more traditional forms of competitive interactions between firms, Design/methodology/approach -- The Introduction section discusses the changes that global geopolitics and the economy have undergone from the end of the Second World War to the present time. The 11 macro-economic factors that have impacted international business over this time period are then discussed. The next section of the paper discusses the nature of the new relational assets of firms, their locations, and the means of harnessing and utilizing them in knowledge-based economic competition. A series of propositions relating to the nature of these assets, how managers of corporations can access them, the roles and skill sets required of these managers, and the competitive advantages these assets provide, are then presented. The Conclusion section explores the impacts of these global economic changes for national governments and government bureaucrats, for managers of international firms, for their roles, perspectives, and their skill sets. Findings -- These changes have modified the competitive landscape at the level of competition between nations, across industries as well as between firms. These changes have necessitated modifications in the roles, training and skills required on the part of government bureaucrats and managers of international companies. New roles and skills are needed to meet these challenges. Practical implications -- The paper has implications for competitive advantages of firms as well as nations. Executive education and training programs for managers may need to be restructured to provide these managers the required perspectives, skills and knowledge that will equip them to compete and be effective champions of their companies, and also to some extent, ambassadors of their nation states. Originality/value -- The paper offers a new way of thinking about competition and competitive advantages.