Abstract
The article examines the features of international political uncertainty and institutional instability that act as a reaction to COVID-19. It is concluding that the greater the "non-stationary" component of the business environment, the less important are the long-term dynamic opportunities and the less reliable are the models aimed at predicting policy changes. By focusing exclusively on the basic institutions or specific risks, a firm can easily lose sight of where, why and by whom the unknowns are generated, and what this threatens it in the future. This implies the need for greater progress towards a real option strategic logic with components of strategic and operational modularity, which allows for flexible response to changes in the institutional environment. Business analysts in the coming years should focus on the specific qualities of political leaders and how they influence countless firm decisions. Perhaps this is the only way to give firms and managers a chance to adapt to a rapidly changing global situation.
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