The Lost Art of Economic Statecraft

Robert D. Blackwill and Jennifer M. Harris, senior fellows at the Council on Foreign Relations, have published a new article on the decline of U.S. economic statecraft. Noting that the United States “too often reaches for the gun instead of the purse in its foreign policy,” the authors probe the divide between U.S. diplomatic priorities and economic means. This is done through both a historical lens (unpacking almost 200 years of American economic history) and in the context of present-day U.S. economic adversaries in China and Russia. The authors conclude that the restoration of “geoeconomics”—economic policymaking for geopolitical purposes—is essential not only for U.S. diplomatic strategy, influence and public image, but also the global balance of power. Thus if the U.S. can reassert its tradition of economic statecraft, it can counter economic coercion by authoritarian governments, empower democracies and strengthen alliances with other world powers. 

The full article is available here. 

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