Political risk in the corporate sphere used to have a pretty specific meaning. It was the danger that a country would act in some way that harmed a multinational’s ability to do business. Think of a dictator seizing foreign assets. But as Condoleezza Rice and Amy Zegart note in “Managing 21st-Century Political Risk,” we need to broaden that definition. “A great deal of the political risk within and across countries now comes from other players: individuals wielding cell phones, local officials issuing city ordinances, terrorists detonating truck bombs, UN officials administering sanctions, and many more,” they write.