Comparative Analysis of Geo-economic Theories: Implications for International Relations

Governments are increasingly using economic tools such as trade and investment in power politics. How to use economic power to achieve geostrategic goals is one of the central topics in the contemporary international relations literature. Unlike the geopolitical approach, which relies on territorial characteristics, the geoeconomic approach, by exploiting asymmetric vulnerabilities in economic relations, opens another path for the application of power policies to states so that The use of economic power is one of the main tools in the macro strategy of countries. Geoeconomics, in addition to providing a framework for selecting strategic actions, is an analytical approach in the field of international relations. In this article, using the concept of geoeconomics, while criticizing the discourse of liberal interdependence, we explain how power and security today go beyond mere physical control over territorial borders and need to control economic relations with other countries. For this purpose, while introducing the basics of geoeconomic discourse, we meta-analyze theories and studies of geoeconomics and finally analyze the results, especially the application of geoeconomic approach in power politics. According to the findings of this study, strengthening the position of each country in the international order requires that policymakers focus on strategies to strengthen economic growth taking the geoeconomic opportunities into account. They should carefully identify their geoeconomic advantages and use geoeconomic tools to increase their economic competitiveness. They should also monitor the geo-economic initiatives of regional and international competitors and strengthen economic infrastructures and institutions against geo-economic threats, especially cyber attacks.