NO FIRM is an island. All strike contracts and compete with others. Conversely, when bosses decide a particular relationship would be better governed by fiat, one firm may acquire another. Between these poles are plenty of ways for firms to combine capital, knowledge or other resources, without fully tying the knot.

Such in-between arrangements are winning favour across the economy, from tech and artificial intelligence (AI) to carmaking and energy.

While corporate takeovers stalled in 2023, the number of joint ventures (JVs) and partnerships jumped by 40 per cent, according to Ankura, a consultancy. They are especially popular in areas of rapid technological change and in places given to protectionism, which these days afflicts rich and poor countries alike.