The Geoeconomic Turn in International Trade, Investment, and Technology

• Published in: Politics and governance 2024-01, Vol.12
• Main Authors: Babić, Milan, De Graaff, Nana, Linsi, Lukas, Weinhardt, Clara
• Format: Article
• Language: English
• Subjects: Capital; Conceptual development; Economics; Fairness; geoeconomics; geopolitics; Global economy; international political economy; International trade; investment; Political economy; Politics; Security; technology; Time; trade; World problems
• ISSN: 2183-2463; 2183-2463
• DOI: 10.17645/pag.9031

This thematic issue brings together a set of articles that empirically map the state of the ongoing geoeconomic turn in the global political economy from an international political economy (IPE) perspective. Changes in the modus operandi of the global political economy urge the development of new conceptual and theoretical tools to grasp the new geoeconomic reality of world affairs. At the same time, the contemporary study of geoeconomics remains theory-centred and focused on its security dimension, thereby underplaying the empirical nuances and variegated aspects of these developments. We therefore make the case for an empirically grounded study of concrete cases and instances of the geoeconomic turn, which can then deliver insights for further theory-building. Likewise, many aspects of the geoeconomic turn cannot be explained by security logics only, but have political economy roots that need to be brought to the foreground. Our thematic issue excavates these dynamics across four key challenges for the global economy: the role of states and firms in a geoeconomic world; global technological competition; the green transition; and implications of the geoeconomic turn for the non-Western world. Collectively, the contributions demonstrate that the geoeconomic turn is only starting to concretely (and partially) materialize and that these transformations, in many cases, tend to replicate existing power structures that prioritize capital(ist) interests related to profit-maximisation over societal interests, ecological sustainability, or social equity. We close by delineating prospects for further IPE research into the ongoing geoeconomic turn in the global political economy.