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The complexity and competitiveness of global business is increasingly being managed by international strategic alliances. As a result, the two central tenets of market‐based‐capitalism, that competitive market forces ensure optimum innovation‐led growth and that individual firms can best accomplish this by competition rather than cooperation, are being re‐examined. These tenets directed management in an elaborate process of alliances control, which is now giving way to a system of control based on trust. The economic model explaining the formation of alliances and the research on joint venture alliances are discussed. This is followed by a discussion of trust and a process‐approach to trust development. Finally, a case methodology to examine evolving IJV relationships is proposed.