Thomas Schelling’s 1966 classic, Arms and Influence, became one of the major strategic works of the Cold War, and it remains the clearest argument for the implicit logic of American and Russian coercive forms of diplomacy. Schelling is incisive about the credibility of deterrence, but the credibility of leadership is reduced to the Cold War assumption that power is decisive. While the rise of China and Putin’s invasion of Ukraine have rekindled interest in Schelling’s approach, the diffusion of agency and the interrelationship of issues in the current multinodal era have undermined the efficacy of hegemonic coercion. Rather than restoring Cold War bipolarity, the rise of China has created an asymmetric parity with the United States in which overlapping interdependencies inhibit the formation of camps. In the new era, the pursuit of strategic advantage by any state, large or small, must aim at securing its multidimensional welfare in a complex and unpredictable environment. The global powers are not hegemonic contenders, but rather the largest powers in a multinodal matrix of autonomous states in which each confronts uncertainty. A strategy based on coercion is likely to be less effective against its targets and more costly in its collateral effects. In a post-hegemonic era, Schelling’s premise that arms are the primary path to influence must be reexamined.