Business Power and the Geoeconomic Turn in the Single European Market

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.