The return of power politics to the market: Theory and practice of the geoeconomic Zeitenwende

The return of power politics to the market is a defining feature of the geoeconomic Zeitenwende, as is currently being experienced in international politics. This has brought renewed attention to the long-standing conventional wisdom that economic activity can not only generate prosperity but also promote foreign and security policy objectives. The analysis and strategy of foreign, security, and economic policy require a clear conceptualisation of the term "geoeconomics". This is necessary not least to weigh the costs and benefits of geoeconomic measures in a well-founded manner, and to assess their prospects for success more realistically. The contributions to this research paper focus on the theoretical and conceptual foundations of geoeconomic thought and examine selected empirical case studies of geoeconomic action in functionally defined policy areas. In order for German geoeconomic policy to become more effective and coherent, the following approaches are recommended: first, the establishment of interagency structures for the cross-cutting task of geoeconomics; second, the expansion of communication and coordination with relevant stakeholders from the business sector and academia; and third, the strengthening of international cooperation with like-minded partners.