Geoeconomic Dynamics in a New Economic Global Order from West to East

Abstract The global economic landscape is in a state of flux, with the COVID-19 pandemic starkly highlighting the interdependent yet unequal and unstable nature of the global political economy. Moving beyond traditional geopolitical considerations of conflict, state-centricism, and security concerns, the current environment is witnessing the emergence of new hegemonic rivalries involving established, rising, and aspiring powers. This shift is not merely theoretical but practical, characterized more by geoeconomic dynamics than traditional geopolitical factors. Moreover, we attribute the diversity in state strategies to a blend of the network's structural design, on one hand, and the domestic institutions and norms of states seeking to leverage these network structures, on the other hand. The full exploitation of the advantages of weaponized interdependence is reserved for states with physical or legal control over hub nodes. Entities possessing such power currently include the United States, the European Union, and, increasingly, China, all these being, capable to enjoy the benefits of weaponized interdependence, even though other actors may still play influential roles. This research investigates the origins, outcomes, and key players shaping geoeconomics on a global scale within the context of a transforming global order. The often-mentioned normative force in foreign policies of the EU, the largest singularly unified economic area worldwide, tends to be overshadowed by its lack of homogeneity and perspective diversity. This gap is filled by emerging regional and global powers. Furthermore, Argentina's decision not to join the group starting from 2024 raises the question which side tends to gain majority within Western vs. Eastern challenge: whether the discounted Argentina or the newly included top oil exporters Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates.