Eleanor Finch
The New Economic Diplomacy: Decision-Making and Negotiation in International Economic Relations, authored by Nicholas Bayne and Stephen Woolcock, explains how states conduct their external economic relations in the 21st century. The book delves into the decision-making processes within states, their international negotiations, and how these domestic and external forces interact. It provides insights into the transformation of economic diplomacy in response to significant global shifts, including the end of the Cold War, the advance of globalization, and the increasing influence of non-state actors like private businesses and civil society. Bayne, a Fellow at the London School of Economics and Political Science (LSE) and a former British diplomat, and Woolcock, an Associate Professor in the International Relations Department of LSE, offer a comprehensive analysis that appeals to students of international relations, politicians, journalists, and others interested in economic diplomacy and global governance.
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What You'll Learn
How states conduct their external economic relations
In their book, *The New Economic Diplomacy*, Nicholas Bayne and Stephen Woolcock explain how states conduct their external economic relations in the 21st century. The book covers how states make decisions domestically, how they negotiate internationally, and how these processes interact.
The authors document the transformation of economic diplomacy in response to significant global shifts, including the end of the Cold War, the advance of globalisation, and the terrorist attacks of September 2001. They also highlight the growing influence of non-state actors, such as private businesses and civil society, in the conduct of international economic relations.
The book delves into the decision-making processes in foreign economic policy, exploring the interplay between domestic and external forces. It compares the practices of different players, reflecting the diverse nature of economic diplomacy. This includes examining the use of unilateral and bilateral economic diplomacy by states, with a specific focus on the United States. It compares the US with Canada, demonstrating how the features of bilateral economic diplomacy may be more or less suited to different countries.
The New Economic Diplomacy is based on the authors' extensive experience and academic research in the field of international political economy. Bayne, a former British diplomat, and Woolcock, an Associate Professor in the International Relations Department of the London School of Economics (LSE), offer valuable insights for students of international relations, government, and economics, as well as practitioners in these fields.
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How states make domestic decisions
In the book, 'The New Economic Diplomacy', Nicholas Bayne, a former British diplomat and Fellow of the International Trade Policy Unit of the London School of Economics and Political Science (LSE), and his co-author Stephen Woolcock, an Associate Professor in the International Relations Department of the LSE, explain how states make their domestic decisions.
The book outlines how states conduct their external economic relations in the 21st century, including how they make decisions domestically, how they negotiate internationally, and how these processes interact. It highlights the growing influence of non-state actors, such as private businesses and civil society, in the decision-making process. The book also documents the transformation of economic diplomacy in response to significant global events, such as the end of the Cold War, the advance of globalisation, and the terrorist attacks of September 2001.
The authors discuss the shift in the balance between domestic and external forces, with the domestic axis gaining more influence and making international agreements more challenging to achieve. This shift has led to a greater focus on domestic decision-making processes and how they impact external economic relations.
Bayne and Woolcock's work is based on their experience in the field of International Political Economy and is intended to provide insights for students and practitioners interested in decision-making processes in foreign economic policy. The book offers a comprehensive analysis of the complex interplay between domestic decision-making and international negotiations, shedding light on the diverse nature of economic diplomacy in the 21st century.
Overall, 'The New Economic Diplomacy' serves as a valuable resource for understanding how states make domestic decisions and navigate their external economic relations in a dynamic and increasingly complex global landscape.
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How states negotiate internationally
In the book *The New Economic Diplomacy: Decision-Making and Negotiation in International Economic Relations*, Nicholas Bayne and Stephen Woolcock explain how states conduct their external economic relations in the 21st century, including how they negotiate internationally. The book is based on the authors' work in the field of International Political Economy and is intended for students interested in the decision-making processes in foreign economic policy, as well as politicians, bureaucrats, business people, NGO activists, journalists, and the informed public.
The book discusses bilateral economic diplomacy, using the United States as a case study. It establishes a basic taxonomy of four levels, set out in a simple matrix, and identifies the main features of bilateralism. It also compares the US with Canada, a country for which bilateralism is much less suited.
The book also documents the transformation of economic diplomacy in response to major global shifts such as the end of the Cold War, the advance of globalisation, and the growing influence of non-state actors like private businesses and civil society. It reflects on the impact of the 2008 financial crisis and the subsequent changes in the field of economic diplomacy.
In terms of how states negotiate internationally, Bayne and Woolcock's book offers insights into the decision-making processes that underpin international negotiations. It highlights the interaction between domestic and external forces, noting a shift towards the domestic axis, which has made international agreement more difficult to achieve. The book also compares the practices of different players, reflecting the greater diversity of economic diplomacy.
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The interaction between domestic and external forces
In "The New Economic Diplomacy: Decision-Making and Negotiation in International Economic Relations", Nicholas Bayne discusses the interaction between domestic and external forces in the context of economic diplomacy in the 21st century. The book highlights how the balance has shifted towards the domestic axis, making international agreements more challenging to achieve.
Bayne and his co-author, Stephen Woolcock, examine the transformation of economic diplomacy in response to significant global events such as the end of the Cold War, the advance of globalization, and the terrorist attacks of September 11, 2001. They also acknowledge the growing influence of non-state actors, such as private businesses and civil society, in shaping economic diplomacy.
The book delves into how states make decisions domestically and negotiate internationally, exploring the interplay between these processes. It provides insights into the decision-making processes in foreign economic policy, including the dynamics between different players in the field of international political economy.
One aspect highlighted by Bayne and Woolcock is the role of bilateral economic diplomacy, particularly in the context of the United States. They establish a taxonomy of four levels and examine how the bilateral level satisfies the needs of the US compared to a country like Canada, for which bilateralism may be less suitable. This analysis showcases the interaction between domestic priorities and external relations in shaping economic diplomacy strategies.
Overall, Bayne's work on economic diplomacy offers valuable insights into the complex interplay between domestic and external forces, shedding light on the challenges and opportunities that states face in navigating their economic relations in a rapidly changing global landscape.
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The impact of the financial crisis
The 2011 edition of The New Economic Diplomacy: Decision-Making and Negotiation in International Economic Relations, authored by Nicholas Bayne and Stephen Woolcock, reflects on the impact of the financial crisis and the immediate reaction to it. The book explains how states conduct their external economic relations in the 21st century, including their decision-making processes, international negotiations, and the interaction between these processes.
The financial crisis significantly impacted the field of economic diplomacy, with the atmosphere darkening since the previous edition. The book documents the transformation of economic diplomacy in response to major global shifts, including the end of the Cold War, the advance of globalisation, and the growing influence of non-state actors like private businesses and civil society.
The book also examines the role of economic diplomacy in the wake of the financial crisis, including the decision-making processes of states. It offers insights into how states have responded to economic challenges and the strategies they have employed to navigate the complex landscape of international economic relations. The financial crisis has likely influenced the decision-making processes discussed in the book, with states grappling with economic recovery and seeking to build more resilient systems.
Furthermore, the impact of the financial crisis has likely influenced the dynamics of bilateral economic diplomacy, which is a key focus of the book, especially in the context of the United States. The financial crisis may have impacted the attractiveness of bilateralism for certain countries, as explored in the book's comparison between the US and Canada. The crisis could have exacerbated or lessened the appeal of bilateral economic relations, depending on the specific country and its needs.
Overall, the financial crisis has had a significant impact on the field of economic diplomacy, and The New Economic Diplomacy by Bayne and Woolcock offers valuable insights into how states have navigated and continue to navigate this complex and evolving landscape.
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Frequently asked questions
'The New Economic Diplomacy' is a book written by Nicholas Bayne and Stephen Woolcock. It explains how states conduct their external economic relations in the 21st century, including their decision-making processes and international negotiations.
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 also the Head of the LSE's International Trade Policy Unit and course coordinator for the master's option on economic diplomacy that he co-founded with Nicholas Bayne.
The book documents the transformation of economic diplomacy in response to major global events such as the end of the Cold War, the advance of globalization, and the terrorist attacks of September 2001. It also illustrates the growing influence of non-state actors like private businesses and civil society.
