The Economic Security Dilemma

This article explores how foundational concepts of international relations that apply to the analysis of
security policy can be translated into equivalent concepts in the realm of geoeconomics. The
following are considered: economic security dilemmas; economic security action-reaction spirals and
arms races; economic deterrence; economic appeasement; economic security alliances; and burden
sharing within economic security alliances. We make the case that economic equivalents of security
policy concepts should not be viewed as separate from matters of war and peace, but on the
contrary as being on a continuum with them. Recent examples of Western economic security policies
towards Russia and China are discussed, highlighting a failed policy of economic appeasement
towards Russia prior to February 2022 and the lack of an actual economic security alliance among
Western allies.