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- Publisher
- Brill
- Copyright
- © Koninklijke Brill NV, Leiden, The Netherlands
- Subject
- Other
- ISSN
- 1871-1901
- eISSN
- 1871-191X
- DOI
- 10.1163/1871191X-12341294
- Publisher site
- See Article on Publisher Site
Abstract
In the modern globalized economy, most firms have little alternative but to operate abroad. Some seek overseas markets, some cheap labour, others investment opportunities, and yet others the extraction of raw resources. Whatever the reasons, operating abroad exposes firms to a broad range of geopolitical and other non-commercial risks. Firms need to identify and manage these risks to protect their bottom line and to be more competitive compared to their adversaries. Business diplomacy ( bd ) offers an approach to geopolitical and non-commercial risk management that is based on the practices and the mindset of diplomats. This special issue of The Hague Journal of Diplomacy explores whether bd exists as a separate area of activity, and how and whether it is able to meet the challenges faced by firms operating in foreign markets. In essence, bd occurs when firms do diplomat-like things. It should be distinguished from other economic-related forms of diplomacy. Economic diplomacy, for example, ‘is the activity of governments to improve the terms of trade for their firms’. 1 Within economic diplomacy, commercial diplomacy actively promotes the commercial interests of individual firms, whether through embassies, trade delegations, or other government-led commercial promotion activities. In both cases,
Journal
The Hague Journal of Diplomacy – Brill
Published: Sep 23, 2014