Balancing economic security and social justice
The international economic order is changing
The international economic order is undergoing radical change and many are talking about a new geo-economic era. For decades, the global networking and integration of markets was seen as a guarantee of prosperity and peace. However, the current polycrisis clearly demonstrates that self-regulated markets are not able to overcome global challenges such as poverty, climate change and political crises. Rather, blind faith in unregulated globalisation has created systemic risks and increased wealth inequalities. The return to an active economic policy is therefore a necessary response to the realisation that free trade alone leads neither to global prosperity nor to international stability.
It is therefore to be welcomed that states are rediscovering their central role in shaping the global economic order and are practising geoeconomics - the use of economic instruments for political goals. However, this positive development is overshadowed by the fact that the law of the jungle is replacing the rules-based global economic order in international politics. States abuse economic dependencies as a weapon and prioritise the use of their economic power to shape security policy: Economic security is rightly the order of the day. What is often overlooked, however, are important social and climate policy perspectives that are essential for a resilient economic order. A responsible economic policy requires a comprehensive approach in order to establish a resilient, competitive, fair, inclusive and sustainable global economy.
Project objectives
Against this background, the project "Inclusive Geoeconomics" aims to establish a geoeconomic practice that ensures resilient trade relations while taking into account social justice and planetary boundaries. By analysing geoeconomic challenges on the basis of two case studies, we develop concrete policy recommendations for decision-makers in the EU and Germany. The aim is to establish an inclusive geo-economic practice that combines economic and social factors at the international level. Our analysis includes two case studies: First, we examine securing raw material supplies, dealing with customs disputes and the importance of green technologies in the development and production of e-cars; and second, we look at the role of foreign direct investment and investment screening in ports as a key critical infrastructure for international trade. The project also promotes interdisciplinary dialogue on inclusive geoeconomics. Through dialogue with experts, the aim is to develop a fairer and more sustainable economic model that combines economic security and social justice.
Project framework
The "Inclusive Geoeconomics" project is scheduled to run for two years until June 2026 and is headed by Dr Elisabeth Winter, Programme Manager Global Markets and Social Justice, supported by project team member Lea Holst. Through various formats such as background discussions and specialist publications as well as events and a podcast to be published in autumn 2025, the findings will be shared with experts and made available to the general public.
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Discussion series on inclusive geoeconomics
The global economic order is changing, with states increasingly reclaiming their role in shaping markets through geo-economic strategies. This marks a shift away from the idea that free trade and self-regulating markets alone can ensure peace and prosperity. While economic security has become a priority for many governments, a broader perspective on economic policy is essential to build a resilient global economy and promote global prosperity. At the Bundeskanzler-Helmut-Schmidt-Stiftung (BKHS), we have therefore launched the "Inclusive Geoeconomics" project, which explores how to implement geoeconomic practices that ensure resilient trade relations while taking into account social justice and planetary boundaries.
In a series of six interdisciplinary dialogues, we will discuss how to design economic policies that take into account both economic security and social justice needs. If you would like to learn more about our BKHS project "Inclusive Geoeconomics", please visit our website. If you sign up for the project newsletter, you will receive invitations to the discussion series and up-to-date information on the project.