Just five years ago, there were much fewer and weaker unilaterally adopted economic security measures. Countries have unilaterally introduced a wide variety of tools with very different functions and effects. Such policies include investment screening (to examine and eventually block investments that pose a security threat) and enhanced export controls (to control the export of products and services with dual civilian and military use).Ĭountries are adopting ever larger and more complex sets of policies to protect their security and strategic assets, and to diversify their supply chains– all to make sure they are not exposed to security risks and that their economies are resistant to shocks and weaponization by third countries.
Where advanced economies like the US, Europe, and Japan once viewed China’s competitiveness as an economic opportunity, they now see it as a security risk.Ĭhina’s heavy subsidization of its enterprises, sweeping industrial policy, strategic use of foreign policy to advance economic goals and weaponization of economic linkages to pressure third countries are driving the expansion of economic security measures.
Recent global upheavals – from pandemic supply chain issues to war in Europe, rising nationalism and authoritarian governments – have put both security and resilience at the center of economic security policy worldwide. Fear and nationalism are increasingly driving the global economic agenda.
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