Theoretical and Operational Framework of Geo-economics: Some Insights on US, China, Russia and India

Abstract

Abstract

This study revolves around the basic question: What are the nature and essence of the modern economy? Is geopolitics replaced by geo-economics? What are the leading geo-economics tools used by states in modern times? The nature of rivalry and competition is changing. Traditional geo-politics is replaced by geo-economics. The new dimension of this turn suggests that geo-economic has emerged as one of the top policy concerns in respect of the modern nation-state system. Geo-strategy, geopolitics, and national operational as well as declarative foreign policies in the context of mega or grand design are all turned around into geo-economics. The nature of state competition is also replaced, molded, and changed by the dawn of geo-economics as a major policy variable. The subject matter of geo-economic revolves around the utilization of economics for geo-political means. Thus, geopolitics and geo-economics go hand in hand. Combining political and economic strategies and grand frameworks of major’s powers in today's world can be termed as geo-economics. The political strategy is solely revolved around economic aspects and major drivers of states' foreign policy behaviour.

Key words: