The European Union’s Soft Economic Power Assessment: A Comparative Analysis

Abstract

Soft economic power is related to subjective perceptions of attractiveness, justice, and success of an economic system and economic policy. The current state of the European Union soft power relatively to other global economic powers is analyzed with several approaches: opinion polls, objective indicators, value estimates, and infometric method. They prove either the supremacy of the EU or second best result after the US. Positive contribution to the EU soft power is provided by its development level, quality of life, national and corporate brands, business regulation, environmental protection priorities, economic freedoms, integration initiatives, development assistance, tourism, creative industries, education, science, culture, and healthcare. The main challenges for the EU image is slower economic growth and a domination of American and Chinese corporate brands in media, technological, and banking sectors.