Abstract “Who is us?” is a fundamental issue in international business theory and policy. Policies to maximise the benefits of a country’s locational domain (best for the individuals within the territory of the home country, “citizens”), differ markedly from the best policies for the owned assets of the country wherever they are located globally. Investigating the question leads to issues of appropriate policy targets over time and space and points to the important influence of changes in the structure and pattern of globalisation for the design of national and international business policies.