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Business Power and the Geoeconomic Turn in the Single European Market

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  • Sandra Eckert

Abstract

Building on the existing literature on business power that has evolved against the background of a liberal economic world order, this article develops a novel analytical framework to capture business strategies in an altered, geoeconomic context. It addresses the research question whether and how business power has been affected by the more recent turn of European policy‐makers to adopt geoeconomic measures in response to external geopoliticising pressures. The relevance of these categories for analysis is illustrated by discussing recent cases of business lobbying on the EU's geoeconomic agenda, as well as business responses to the sanctions imposed on Russia following its invasion of Ukraine. These illustrative examples show that whilst most business actors have adapted their strategies, there are also cases where business actors adhere to and defend the status quo. The article prepares the ground for further research on the understudied consequences of the geoeconomic turn for business power.

Suggested Citation

  • Sandra Eckert, 2024. "Business Power and the Geoeconomic Turn in the Single European Market," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 973-992, July.
  • Handle: RePEc:bla:jcmkts:v:62:y:2024:i:4:p:973-992
    DOI: 10.1111/jcms.13604
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    References listed on IDEAS

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    1. Lucia Quaglia & Amy Verdun, 2024. "The Geoeconomics of the Single Market for Financial Services," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1046-1062, July.
    2. Pierre Haroche, 2024. "Geoeconomic Power Europe: When Global Power Competition Drives EU Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 938-954, July.
    3. Tomasz Jerzyniak & Anna Herranz‐Surrallés, 2024. "EU Geoeconomic Power in the Clean Energy Transition," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1028-1045, July.
    4. Abdelal, Rawi, 2015. "The multinational firm and geopolitics: Europe, Russian energy, and power," Business and Politics, Cambridge University Press, vol. 17(3), pages 553-576, October.
    5. Andrea Christou & Chad Damro, 2024. "Frames and Issue Linkage: EU Trade Policy in the Geoeconomic Turn," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1080-1096, July.
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    Cited by:

    1. Anna Herranz‐Surrallés & Chad Damro & Sandra Eckert, 2024. "The Geoeconomic Turn of the Single European Market? Conceptual Challenges and Empirical Trends," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 919-937, July.
    2. Pierre Haroche, 2024. "Geoeconomic Power Europe: When Global Power Competition Drives EU Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 938-954, July.
    3. Tomasz Jerzyniak & Anna Herranz‐Surrallés, 2024. "EU Geoeconomic Power in the Clean Energy Transition," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1028-1045, July.
    4. Christian Freudlsperger & Sophie Meunier, 2024. "When Foreign Policy Becomes Trade Policy: The EU's Anti‐Coercion Instrument," Journal of Common Market Studies, Wiley Blackwell, vol. 62(4), pages 1063-1079, July.

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