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date: 21 October 2021

Abstract and Keywords

Economic statecraft provides great powers with a set of valuable tools they can employ in pursuing grand strategies, but the importance of its contribution is often overlooked. This chapter provides a conceptual framework for understanding how policymakers can leverage the tools of economic statecraft to achieve major objectives in pursuit of their grand strategies, including: bargaining, balancing, generating power and prosperity, signaling and norms promotion, and influencing nonstate actors. It then maps how economic sanctions, foreign aid, strategic commercial policy, and institutionalized economic cooperation can best contribute to the realization of these objectives. The analysis reveals that the flexibility of economic sanctions and foreign aid in achieving numerous objectives helps explain why great powers rely so heavily upon them.

Keywords: economic statecraft, grand strategy, economic sanctions, foreign aid, cooperation

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