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date: 22 February 2020

Abstract and Keywords

This article begins by discussing how economic diplomacy might be seen as a distinct component in diplomacy in general and how the approach to decision-making and negotiation on mainstream economic topics may diverge from more overtly political diplomacy. It then makes the case that economic diplomacy has become more important with increased international economic interdependence or globalization and the greater need to find negotiated solutions to challenges, such as stable financial systems, open trade and investment, or climate change, in order to achieve domestic policy objectives. The article argues that states remain the main actors in economic diplomacy, despite the relative increase in the importance of non-state actors and the fact that markets must be treated as endogenous to the policy process. It discusses the distinctive characteristics of the conduct of economic diplomacy by governments. To illustrate the points made, the article discusses the cases of international investment policy and economic summitry, before concluding with an assessment of the trends in economic diplomacy.

Keywords: economic diplomacy, globalization, international investment policy, economic summitry

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