The New Economic Diplomacy explains how states conduct their external economic relations in the 21st century: how they make decisions domestically, how they negotiate internationally and how these processes interact. Although the previous edition, published in 2011, was able to reflect the impact of the financial crisis and the immediate reaction to it, a lot has happened since then, and the atmosphere of economic diplomacy has darkened.
To capture the emergence of new trends and the intensification of old ones, the salient features of this new edition are:
The advance of China and other emerging powers at the expense of G7 governments, despite some setbacks;
Much greater activity in negotiating regional and plurilateral trade agreements, while the multilateral system struggles;
The persistence of problems exposed by the financial crisis, notably the long-running euro-zone crisis.
The interaction between domestic and external forces: the balance has shifted towards the domestic axis, with international agreement more difficult to achieve. This edition goes further in comparing the practice of different players, to reflect the greater diversity of economic diplomacy.
Based on the authors' work in the field of International Political Economy, it is suitable for students interested in the decision-making processes in foreign economic policy, including those studying international relations, government, politics and economics. It will also appeal to politicians, bureaucrats, business people, NGO activists, journalists and the informed public.
Nicholas Bayne is a Fellow of the International Trade Policy Unit of the London School of Economics and Political Science (LSE), UK, and a former British diplomat. Stephen Woolcock is an Associate Professor in the International Relations Department of the LSE, UK. He is the Head of the LSE's International Trade Policy Unit and course coordinator since 1999 for the master's option on economic diplomacy that he co-founded with Nicholas Bayne.
1. What is Economic Diplomacy? Nicholas Bayne and Stephen Woolcock 2. Challenge and Response in the New Economic Diplomacy Nicholas Bayne 3. Factors Shaping Economic Diplomacy: an Analytical Toolkit Stephen Woolcock 4. How Governments Conduct Economic Diplomacy in Practice Nicholas Bayne 5. NGOs in Economic Diplomacy Duncan Green and Celine Charveriat 6. Serving the Private Sector: India's Economic Diplomacy Kishan S. Rana 7. Continuity and Change in the Politics of US Trade Relations with Russia Craig VanGrasstek 8. Conceptualizing China's Economic Diplomacy: Conversion between Wealth and Power Zhang Xiaotong 9. Brazilian Economic Diplomacy: Agriculture and the WTO Negotiations Braz Baracuhy 10. European Union Economic Diplomacy Stephen Woolcock 11. Economic Diplomacy and Small Developed Economies: the Case of New Zealand Vangelis Vitalis 12. The Economic Diplomacy of Small and Poor Countries in the Global Trading System Teddy Soobramanien 13. Lessons from the G7 and G8 for the G20 Summit Nicholas Bayne 14. Negotiating Preferential Trade Agreements: Motivations and Effects Ken Heydon 15. International Financial Diplomacy and the Crisis Stephen Pickford 16. Climate Change Negotiations: Pushing Diplomacy to Its Limits Joanna Depledge 17. International Investment Negotiations: a Case of Multi-level Economic Diplomacy Stephen Woolcock 18. The Future of Economic Diplomacy Nicholas Bayne and Stephen Woolcock