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Chapter 12

Economic Diplomacy

Stephen Woolcock

This chapter suggests we should adopt a definition of economic diplomacy that is selectively broad and takes account of how process shapes outcomes. We should understand economic diplomacy to be a process of decision-making and negotiation in international economic relations focused on core issues such as trade, investment, and finance. Economic diplomacy applies to both the negotiation of the framework within which international economic relations exist—in other words, rules, regimes, and norms as reflected in binding or voluntary agreements—as well as discrete negotiations that affect the creation and distribution of international economic activity. From this perspective, we can argue that economic diplomacy in a globalizing world is becoming increasingly important and, interestingly, it may well differ from general diplomacy, or traditional understandings of contemporary diplomacy.

Glossary exercises

Take–home messages

Answering the book's "big" questions

Quizzes

Web-links

Case studies

Counterfactual reasoning exercises

Guide to further reading


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