The rules-based global economy is gone. It was underwritten by American power, but Washington now sees this as a vulnerability. Namely, US policymakers fear the rise of China, and recognize that China has not been playing by the rules. China has engaged heavily in economic statecraft ā actions intended to affect security as a side effect of business. Now, foreign policy experts are calling on the US to engage in economic statecraft of its own. Primarily, this means creating a unified strategy across numerous government organizations. It also means creating policy to allow greater coordination with the private sector, not unlike similar measures already taken to combat cyber warfare. It may also require expanded authorities, such as allowing allowing the Committee on Foreign Investment in the United States to review minority acquisitions or other, more pro-active measures.
How this all unfolds remains to be seen, but offers a chance to understand the way that economic statecraft is made, why, and to what effect.
Currently, Iām working on the following projects aligned with this research agenda: