ECONOMIC SECURITY IN AN ERA OF GLOBAL FINANCIAL INTEGRATION: MACROECONOMIC VULNERABILITIES, POLITICAL RISKS, AND STATE INTERVENTION CAPACITY

Abstract

This article develops a multidimensional theoretical framework for understanding when and under what conditions economic security becomes threatened in an era of deepening global financial integration. Existing literature predominantly addresses economic security through fragmented and disconnected analytical lenses—focusing separately on financial vulnerabilities, social welfare, production structures, or institutional capacity—without adequately theorizing the interactions among these dimensions. This study consciously departs from such reductionist and compartmentalized approaches by conceptualizing economic security as a dynamic process shaped by the simultaneous interplay of financial, real economic, social, and institutional vulnerabilities. Employing a qualitative theoretical methodology grounded in analytical synthesis and conceptual abstraction, the article proposes a comprehensive analytical framework encompassing twenty-five critical conditions indicating when a country's economic security is under threat. These conditions are systematically structured under four vulnerability clusters: macro-financial fragilities, real economy and production risks, social welfare and employment challenges, and institutional capacity and governance weaknesses. The framework's distinctive contribution lies in theorizing state intervention capacity not as an external determinant of economic security outcomes but as an intrinsic and constitutive component of economic security itself. This reconceptualization provides a theoretically coherent and analytically operational reference point for future empirical studies, comparative case analyses, and index development initiatives.