Power politics by economic means: Geoeconomics as an analytical approach and foreign policy practice

Geoeconomics has become highly relevant for foreign policy practices and national security strategies, wherefore it has also started to receive increasing attention from academics. Unfortunately, there is no widely shared definition of geoeconomics. The term is often only used as a catchword that generates an audience for policy-oriented, semi-scientific outlets. This article addresses this weakness of the state of the art. The authors suggest that geoeconomics, as a foreign policy strategy, refers to the application of economic means of power by states so as to realize strategic objectives. As an analytical framework, geoeconomics relates to international relations realism. Yet it transcends international relationship realism, as it is focused on geographical features that are inherent in foreign policy and international relations.