This chapter starts from the premise that business and human rights is much more complex than the impact of corporate practices on the fulfillment of human rights and environmental law. Rather, it is crucial that one identifies the underlying causes of this tension, namely: a) the broader corporate perspective in its transnational context; b) the inter-state investment relations and; c) the international financial architecture. Within all three of these, home and host states interact with each other, as well as with corporations. Powerful home states are lobbied by multinational corporations (MNCs) to create an international framework that better guarantees investment and trade. This is taken up as a policy imperative and reflected in international treaty making. States, both home and host, are clearly central to this process and their achievements, good or bad, will ultimately shape, or open up the space for subsequent corporate conduct. Hence, the starting point for our understanding of business and human rights should not be based on corporations themselves, but rather extend to all the contextual and underlying grounds that shape their existence, regulation and performance.