My last paper discusses how multinational enterprises manage political risk, studying 100 years of history of the banana industry in Latin America. Published in the Strategic Management Journal, the top peer reviewed journal in business strategy. We enrich Transaction Cost Economics, examining the role of policy risk as a unique component of the uncertainty faced by firms that have assets in politically volatile countries. Important implications for any firm operating in countries where government policy can change, dramatically, one day to another, putting rents and assets at risk of expropriation.