PP441      Half Unit
Geoeconomics

This information is for the 2025/26 session.

Course Convenor

Availability

Requisites

Additional requisites:

At least one semester of undergraduate economics study, along with one course on economics at the graduate level, or consent of the instructor is required.

This course examines the intersection of economics and geopolitics and explores how states and other actors use economic and financial policies to achieve their strategic and national security objectives. It investigates the shift from a globalized to a fragmented trading, financial, and technological system in an environment of international fragmentation and turbulence marked by growing controls over investment and research in advanced technology. It explores possible future trajectory of global economy, pursuit of industrial policies, of secure supply chains (including of critical minerals), FDI flows and attempts to diversify global financial order.
Drawing on a variety of case studies and theoretical frameworks, this course is designed to conceptualize the security-economy nexus, familiarize students with the tools of economic statecraft and how they are exercised and how systemic forces, such as geopolitical competition or transformative technologies are shaping the future.
Themes will include trade, foreign investment, and global financial order, as well as more specific issues such as infrastructure networks, energy, and the use of economic sanctions trade, foreign aid, technology, natural resources, and development financing.
This course is designed to enable students to assess risks and opportunities associated with economic policies and national security policies and encourage students to think out of the box regarding national security issues. It explores possible economic strategies, policy options, and institutional approaches to navigate these centrifugal dynamics and to respond to global economic fragmentation.
Upon completion of this course, students are expected to be able to:
1. Develop a basic understanding of core domains of geoeconomics in contemporary economic statecraft with an exposure to the current debates, relevant theories, and empirical evidence.
2. Appreciate the importance of the intertwining of security, private sector and political economy.
3. Apply relevant theories of economic statecraft to analyze real world problems and develop corresponding policy recommendations, potential policy interventions, and institutional innovations to manage the dilemmas of economic interdependence.
4. Assess policy options for policy actors, firms and markets on how to respond to and shape economic statecraft.
The course will draw on the expertise of guest lecturers and insightful practitioners and policymakers. The seminars build on the concepts discussed in the lectures through debates, critique of readings, group work and presentations. Attendance in seminars is compulsory.

22 hours of lectures and 16.5 hours of seminars in the Winter Term.

Presentation

Critical evaluation

• Aidt, Toke S., Facundo Albornoz, and Esther Hauk. 2021. "Foreign Influence and Domestic Policy." Journal of Economic Literature, 59 (2): 426–87.
• Mohr, Cathrin and Christoph Trebech. 2025. “Geoeconomics”. Forthcoming in the Annual Review of Economics.
• Baldwin, David. 1985. Economic Statecraft. New Jersey: Princeton University Press. Chapters 3 & 11.
• Blackwill, R., & Harris, J. 2016. War by Other Means: Geoeconomics and Statecraft. Cambridge, Massachusetts: Harvard University Press. Chapters 1-3.
• Baldwin, R (2022b), “The peak globalisation myth: Part 1”, VoxEU.org, 31 August.
• Cernat, L (2022), “Between deglobalisation and slowbalisation: Where Europe stands”, VoxEU.org, 28 November.

Memo (40%)

Critical evaluation (20%)

Policy paper / report (40%)

1. Group work (40% of final grade) to be done during seminars and elsewhere throughout the term. Students will be put into groups of 4-5 working on a policy question of their choice after moderation by the instructor.
   • Presentation (Formative). The groups will present their work during a seminar session and will be provided feedback on the rubric on which their policy memo will be assessed.
   • Policy memo (Summative). The policy memo is the end product of the group work and follows on the same topic as the presentation. 
2. A short critique of readings that feeds into the final paper (20%). There will be two short critiques, one formative and one summative. Students will have a choice of which topic to pick and which submission to use for formative and summative assessment. For the formative assessment, they will be provided a marking rubric for marking and will receive feedback from other students in their seminar session on the rubric.
3. Final Paper (40% of final grade) due after end of term that applies the concepts from this course to a particular theme or question. Details on the format and content of final paper will be provided during the term along with grading rubric.