Integrating economic security and social justice
The BKHS research project “Inclusive Geoeconomics” aims to develop recommendations for geoeconomic practices that promote a resilient, competitive, fair and sustainable global economy.
The changing international economic order
The international economic order is undergoing significant changes, leading many observers to talk about the dawn of a new geoeconomic era. For decades, global market integration and increasing interdependencies were thought to guarantee peace and prosperity. However, the current polycrisis is a stark reminder that self-regulated markets are insufficient for overcoming global challenges such as poverty, climate change and political crises. Unregulated globalisation with a lack of state involvement has, in fact, created systemic risks and led to increased wealth inequality. Thus, returning to an active economic policy is a necessary next step to the realisation that free trade alone does not ensure global prosperity nor international stability.
Therefore, it is a positive development that states are rediscovering their central role in shaping the global economic order and are engaging in geoeconomics, defined generally as the use of economic instruments for political goals. However, this has been overshadowed by the fact that power politics is replacing the rules-based global economic order. States are weaponising economic dependencies and utilising their economic power for national security purposes. Economic security is rightly the order of the day. What is often overlooked, however, are perspectives incorporating social and climate policy that are just as essential for ensuring a resilient economic order. Responsible economic statecraft requires a comprehensive approach if the end goal is to achieve a resilient, competitive, fair, inclusive and sustainable global economy.
Project objectives
The “Inclusive Geoeconomics” project aims to develop geoeconomic practices that ensure resilient trade relations while addressing social justice and planetary boundaries. Through the analysis of two cases of geoeconomic challenges, we develop concrete policy recommendations for decision-makers in the EU and Germany. The aim is to establish an inclusive geoeconomic approach that effectively integrates economic and social factors at the international level.
Our analysis includes two case studies: First, we examine the procurement of raw material supplies, the handling of tariff disputes and the importance of green technologies in the development and production of electric vehicles; and second, we look at the role of foreign direct investment (FDI) and investment screening in ports as a key critical infrastructure for international trade. The project, while focusing on economic and trade policy, also promotes interdisciplinary dialog on inclusive geoeconomics. Through exchange with experts, we aim to develop a fairer and more sustainable economic model that combines economic security and social justice imperatives.
Project framework
The “Inclusive Geoeconomics” project is scheduled to run for one and a half years until March 2026 and is led by Dr. Elisabeth Winter, Programme Director of “Global Markets and Social Justice”, with support from project team member Lea Holst. The project’s findings will be shared with experts and made available to the public through various formats such as background discussions and specialist publications as well as events and a podcast due for release in fall 2025.
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