“The power to constrain an adversary depends on the power to bind oneself; that, in bargaining, weakness is often strength.”Thomas Schelling · The Strategy of Conflict · 1960 · The Strategy of Conflict
Schelling explained why a promise or threat only becomes credible if the other side sees you cannot back down anymore. A classic example: a captain who burns his own ships after landing shows his army that retreat is no longer an option, which, paradoxically, makes the opposing side more cautious.
Why it matters His ideas about credible commitment show up today in international negotiations and game theory.