The Renaissance of Economic Warfare

Ian O. Lesser

No 2604, Research papers & Policy papers on Economic Trends and Policies from Policy Center for the New South

Abstract: From the use of tariffs as a foreign policy instrument, to the weaponization of critical resources, and from targeted sanctions to attacks on critical infrastructure, economic security is at the forefront of international debates. The aggressive use of economic instruments for strategic purposes has become an explicit feature of international affairs, in a way not seen since the interwar period[1]. Beyond the weaponization of resources of all kinds, an increasing ‘monetization’ is underway of hard power for national economic benefit. This development draws on a long intellectual tradition and enduring perceptions of vulnerability, but with new technological twists. What are the contours of this renaissance in economic warfare, and what are the possible consequences?

Date: 2026-02
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