Impossible Decoupling, Improbable Cooperation Economic Interdependencies in the Face of Power Rivalries

Résumé 0

Export restrictions, economic and financial sanctions, politicization ofmonetary and financial choices, screening of inward and outward foreigndirect investments, exceptional customs duties, and state interventions insectors deemed strategic: the political vise is tightening aroundinternational economic and financial relations.This shift is the result of economic transformations as well as politicaland ideological ambitions. Economic and financial interdependenciesremain very close, but they are increasingly constrained by power rivalries.“Geoeconomics” remains, to the extent that economic logic still entailsboth mutually beneficial exchanges and often conflicting state interests. Butit is becoming more complex, moving towards a logic that can be describedas “geofinance”: the simultaneous politicization of financial andinformation flows shows that the objectives, tools, and support points ofthese interactions are profoundly transformed.The increasing weaponization of interdependencies illustrates thesetrends: political rivalry motivates it, the challenge of climate changeredefines the stakes, the intensity of interdependencies increases thepotential consequences, growing complexity creates favorable backgrounds,the dematerialization of productive capital fuels non-cooperative statestrategies and often makes interdependencies inextricable.This upheaval gives a new security dimension to internationaleconomic policies. Economic security is becoming omnipresent ininternational relations, but the approaches and consequences of thiscommon concern differ widely.