The New Economic Diplomacy: Decision-Making and Negotiation in International Economic Relations, 4th Edition (Paperback) book cover

The New Economic Diplomacy

Decision-Making and Negotiation in International Economic Relations, 4th Edition

Edited by Nicholas Bayne, Stephen Woolcock


340 pages | 11 B/W Illus.

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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.

Table of Contents

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

About the Editors

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.

About the Series

Global Governance

Global Governance

Global Governance

Series Editor: John J. Kirton, University of Toronto, Canada

Global governance is growing rapidly to meet the compounding challenges of a globalized 21st-century world. Many issues once dealt with largely at the local, national or regional level are now going global, in the economic, social and political-security domains. In response, new and renewed intergovernmental institutions are arising and adapting, multilevel governance is expanding, and sub-national actors are playing a greater role, and create complex combinations and private-partnerships to this end.

This series focuses on the new dynamics of global governance in the 21st century by:

  • Addressing the changes in the structure, operation and impact of individual intergovernmental institutions, above all their innovative responses to the growing global challenges they confront.
  • Exploring how they affect, are affected by and relate to non-state actors of global relevance and reach.
  • Examining the processes of cooperation, competition and convergence among international institutions and the many global governance gaps where global challenges such as terrorism, transnational crime and energy do not confront powerful international institutions devoted to their control.
  • Dealing with how global institutions govern the links among key issues such as climate change and health.

In all cases, it focuses on the central questions of how global governance institutions and processes generate the effective, legitimate, accountable results required to govern today’s interconnected, complex, uncertain and crisis-ridden world.

Learn more…

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