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This article discusses the forms of economic statecraft, the uses of such instruments, and the approaches to the study of economic statecraft.
Economic statecraft, the use of economic means to pursue foreign policy goals.
Game theoretical models have been especially useful in the study of that aspect of economic statecraft.
We must find innovative ways to conduct economic statecraft in an age of austerity.
Examples of various types of economic statecraft can be found throughout recorded history.
Economic statecraft takes many different forms, including both positive and negative sanctions.
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Economic techniques of statecraft are distinguished from other foreign policy tools such as the following: military statecraft, which concerns the use or threat of military force; diplomacy, which concerns negotiation; and propaganda, which concerns manipulating verbal or visual symbols.
Like other techniques of statecraft, economic tools can be used wisely or unwisely, justly or unjustly, depending on the situation.
Perhaps the most difficult step in assessing the utility of economic techniques of statecraft is setting such assessments in the context of the logic of choice.
"I think the president is compelling in that there's an economic element to statecraft... but the question here is whether the potential benefits when it comes to America's economic and diplomatic relationships in the region are worth the potential job loss back here at home," said Sen. Chris Murphy (D-Conn)., a member of the Senate Foreign Relations Committee.
It was the collapse of an idea, too, and with the discrediting of Communist ideology, Indian socialism, long the guiding philosophy of statecraft and economic policy making, confronted a crisis of confidence.
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