Geoeconomic Power EUrope: The Rise and Decline of the European Union

Abstract

Geoeconomic blocs use collective bargaining power to pursue a favorable position in the international economy, and to convert economic power to political capital. Geoeconomics laid the foundation for the EU’s power and its subsequent ability to project values and norms. Elevating liberal ideals above a realist foundation represented by geoeconomics has put the cart ahead of the horse and instigated the decline of the entire edifice. The Single Market set the foundation for geoeconomic power by protecting domestic markets, opening external markets, and cementing internal cohesion. While the common currency and successive enlargements were intended to further augment geoeconomic power, they have instead fueled divisions among member states and intensified zero-sum relations with non-member states.