The first two lessons examine the concept of geoeconomics, providing both a conceptual foundation and an introduction to its analytical tools. The first lecture introduces the concept of geoeconomics from a theoretical perspective, focusing on how economic instruments—such as trade, investment, and sanctions—have increasingly complemented or replaced military means as tools of international influence. Drawing on Edward Luttwak’s notion of “economic warfare,” the session explores how, during and after the Cold War, states began to use economic interdependence strategically. Students will analyze the evolving role of emerging economies in shaping global competition and examine how geoeconomic logics underpin the behavior of major actors such as China, the United States, and the European Union. The objective is to build a clear conceptual understanding of how today’s global order is structured not only by political and military alliances, but also by control over markets, technologies, and resources. The second lecture complements this conceptual introduction by presenting the main analytical frameworks used in empirical geoeconomic literature. Students will be introduced to a selection of influential models that help explain how states use economic tools to pursue strategic objectives. The session will focus on how these frameworks are applied in practice, highlighting their assumptions, strengths, and limitations, and providing students with the tools needed to interpret and critically assess quantitative analyses in the field.

The two lectures of this week introduce the foundations of international trade, combining a historical perspective with an analysis of the key economic mechanisms that shape trade flows. The aim is to provide students with both a solid theoretical grounding and a clear understanding of how global trade operates in practice. Lecture 3 offers a historical overview of international trade, starting from early commercial exchanges to the complex globalized system we know today. Students will explore key phases such as the first wave of globalization (1870–1914), the retreat into protectionism and de-globalization during the World Wars, and the postwar reconstruction led by new international institutions and trade agreements. The lesson also reflects on how technological innovation, economic policies, and shifting political orders have shaped global trade patterns. Finally, attention is given to the ongoing debate about the opportunities and tensions generated by contemporary globalization from economic, social, and geopolitical perspectives. In lecture 4, students will explore how international trade enhances economic efficiency, broadens access to goods and services, and contributes to lowering production costs. Special attention will be given to the positive impact trade has on consumer welfare, particularly in terms of increased product variety and affordability. The lesson also introduces key theoretical and policy-driven motivations for global economic integration.

The two lectures of this week explore the economic foundations of international trade and the key actors shaping geoeconomic dynamics. The sessions aim to provide students with the analytical tools needed to interpret how trade patterns emerge and how different actors use economic instruments to pursue strategic objectives. Lecture 5 examines the economic foundations of international trade, focusing on both its benefits and the key factors that shape trade flows between countries. Students will explore how trade enhances efficiency, expands access to goods and services, and improves consumer welfare through greater variety and lower prices. The session also introduces the main determinants of trade, including differences in productivity, resource endowments, and market size. Drawing on core theoretical frameworks, the lesson provides students with the analytical tools needed to understand why countries trade and how trade patterns emerge in the global economy. Lecture 6 shifts the focus from economic mechanisms to the key actors that shape geoeconomic dynamics. Students will analyze how states, multinational corporations, sovereign wealth funds, and international organizations use economic tools to pursue strategic objectives. The session highlights the evolving role of both public and private actors in influencing global markets, supply chains, and investment flows. Particular attention is given to the interaction between economic power and political strategy, and to how different actors operate within an increasingly interconnected and competitive global system.

This week’s lessons focus on the role of multilateral organizations in the geoeconomic landscape. In Lectures 7 and 8, students will explore how multilateral organizations – such as the WTO, IMF, World Bank, and regional development institutions – act as instruments of geoeconomic influence. These bodies do not merely facilitate cooperation or development; they also shape the rules of global competition, influence national policy space, and reflect the power asymmetries of the international system. Through the study of their structure, functions, and decision-making mechanisms, the session will highlight how multilateral institutions operate at the intersection of economics and geopolitics. Students will critically examine their impact on global trade governance, financial stability, and development strategies, drawing from both classical economic theory and more recent critiques.

This week’s lessons introduce the main instruments of geoeconomics strategy. Lecture 9 focuses on trade agreements and strategic investments as instruments of geoeconomic strategy. Students will be introduced to different types of trade agreements – bilateral, regional, and multilateral – and analyze their economic and geopolitical consequences. These agreements are not only about market access, but also about shaping rules, standards, and strategic alignments. The lesson then focuses on foreign direct investment (FDI), sovereign wealth funds, and strategic acquisitions in key sectors such as energy, technology, and infrastructure, examining how these financial instruments are used to exert long-term influence. Real-world cases will illustrate how economic integration, resource control, and institutional ties are part of a broader strategy to enhance national power. Lecture 10 turns to economic sanctions as a case study of geoeconomic tools. Students will examine how sanctions are designed and implemented, the actors involved in enforcing them, and the strategic objectives behind their use. The session will also explore their effectiveness, limitations, and unintended consequences—both for target states and for the broader global economy. Special attention is given to recent case studies such as sanctions against Russia, Iran, and North Korea, helping students critically assess when and how sanctions can shape international behavior.

This week’s teaching completes the section on the main geoeconomic instruments and introduces the strategic control of natural resources through investment and regulation. Lecture 11 examines the role of tariffs in international economic relations. Far from being purely technical trade measures, tariffs are often used by states to protect key domestic industries, address trade imbalances, or exert political pressure on foreign governments. The session presents the main types of tariffs and explores both their economic motivations—such as safeguarding employment or stimulating industrial policy—and their geopolitical implications. Students will analyze the impact of tariffs on consumers, firms, and international relations, drawing on case studies such as the US-China trade war and EU protectionist measures in sectors like steel and agriculture. The goal is to develop a critical understanding of how tariffs operate as instruments of geoeconomic statecraft in a world of increasing economic competition and strategic interdependence. Lesson 12 turns to the strategic control of natural resources and the role of state-backed and private investments in shaping global political dynamics. Students will explore how access to critical resources—such as energy, rare earths, water, and agricultural land—has become central to the geopolitical positioning of major powers. Through examples involving China’s overseas investments, the scramble for energy in Africa and Central Asia, and the role of state-owned enterprises, the lesson highlights how the control and allocation of resources are used to influence alliances, dependencies, and development paths. This session will equip students to interpret how resource competition increasingly shapes international strategies and power asymmetries.

Lesson 13 focuses on soft power, a form of influence based not on coercion or payment, but on attraction and credibility. Students will learn how states leverage culture, education, media, sports, and political values to shape global perceptions and build long-term alliances. The session examines how countries such as the USA, China, the EU, Japan, and South Korea project influence. The lesson also highlights the strengths and limitations of soft power, comparing its reach and impact to that of hard and smart power in different geopolitical contexts. Lesson 14 marks the beginning of the second part of the course, which is focused on real-world case studies that illustrate how economic tools are used to shape strategic relationships among states. This first case study focuses on the analysis of the economic sanctions imposed on Iran, with particular attention to the sanction regimes of the United States and the United Nations since 2006. The lesson examines the innovative approach of US sanction strategy and why it is considered one of the successful cases of sanctions.

The next case study examines the geoeconomic importance of the world’s payment system - an increasingly strategic layer of the international monetary “non-system” - where power is exercised not only through currencies, but through the infrastructures that enable cross-border transactions. The session discusses how digitalization and geopolitics are reshaping global payment networks, creating new dependencies and pushing states and firms to seek greater autonomy and resilience. Lecture 16 focuses on U.S. trade policy under the Trump administration, examining how “America First” translated into a more confrontational and unilateral approach to trade, with tariffs and negotiated concessions used as instruments of geoeconomic pressure.

Lecture 17 examines the strategic importance of strategic importance of maritime routes in the Middle East – such as the Hormuz Strait and the Suez Canal – as critical arteries for international trade and national security. The lesson explores how control over these chokepoints sapes power dynamics in the global economy. Through the analysis of emerging conflicts – such as Iran’s ability to disrupt traffic through the Strait of Hormuz and Houthi attacks on Red Sea shipping – students will assess how maritime dominance is increasingly used as a geopolitical tool. The discussion will also consider naval capabilities, trade vulnerabilities, and the role of international maritime law in managing tensions and securing flows of goods and energy. The final lecture explores the International Monetary Fund’s assistance program to Portugal, with a focus on the financial and economic crisis that led to the request for support in 2011. The lesson analyzes the main components of the program — fiscal consolidation, structural reforms, and financial sector stabilization — as well as its economic and social impacts. It also examines Portugal’s path of recovery, the role of European institutions alongside the IMF, and the broader implications for the governance of the Euro area.

This part of the course includes meetings with CEOs and managers from major national and multinational companies to discuss how the reconfiguration of geopolitical and geoeconomic relations is influencing their business strategies. Examples of topics covered include: Market entry strategies and risk management in emerging economies. Adapting to international regulations and sanctions. Managing global supply chains in the face of growing geopolitical tensions. This structure will allow students to develop both a theoretical and practical understanding of global geoeconomic dynamics, combined with direct and interactive engagement with industry leaders—an approach aligned with advanced teaching models adopted by institutions such as Harvard, Stanford, and Georgetown in the United States.

Meetings with a CEO or senior manager, as in the two previous sessions, and starting from the second lesson, students will begin their presentations on topics covered in the course.

Student presentations on topics of their choice selected from those covered in the course.