Conceptualizing regional powers' geoeconomic strategies: neo-imperialism, neo-mercantilism, hegemony, and liberal institutionalism

This article argues that geoeconomics, defined as the geostrategic use of economic power, has become an increasingly important feature of regional powers' strategic behavior. Yet, we still lack analytical tools to identify and compare regional powers' geoeconomic strategies. The article marks a first attempt to develop a typology for differentiating potential geoeconomic strategies that regional powers may pursue in dealing with their corresponding regions. It merges the regional power focus with a geoeconomic perspective, producing the following four ideal-typical strategies: neo-imperialism, neo-mercantilism, hegemony, and liberal institutionalism. This new typology serves as a conceptual device for creating analytical differentiation between regional powers and the range of possible geoeconomic strategies pursued by them. The paper discusses ways in which the new typology may contribute to our understanding of regional powers' foreign policy conduct and to the emerging geoeconomic research agenda. While the purpose of the article is not to test any specific hypothesis or to empirically analyze cases, brief case study vignettes will be presented for illustrative purposes, looking particularly at Brazil, the EU, Germany, and Russia.