Until the late 1990s researcher described a new strategy and organization for MNCs. The new MNC was omnipotent in character, striving for many new competitive advantages. This paper reviews the literature and synthesizes the ideas behind this Omnipotent MNC. General themes and key organizational characteristics are identified. A survey among large Swedish companies illustrate that many of the identified changes has occurred during recent years. Finally, we discuss why this kind of research more or less vanished.