Opportunity seekers and value creators : a new framework for understanding small-state diplomacy

Abstract

Small states offer valuable insights by demonstrating how agency, strategy, and adaptability can enhance diplomatic standing. This paper introduces the Opportunity-Seeking and Value-Creation Framework, explaining how small states can enhance their diplomatic standing by acting as opportunity seekers and value creators. Opportunities arise from structural, material, ideational, or technological shifts, but require entrepreneurial action—harnessing new means, setting new ends, or introducing novel means-ends combinations—to generate value. The framework systematizes how small states can "punch above their weight," demonstrating that agency and strategic action are essential for converting opportunities into lasting diplomatic gains. Greece’s diplomatic comeback after a decade-long economic crisis highlights this dynamic. Once dismissed as Europe’s weakest link, Greece strategically repositioned itself by capitalizing on its pandemic response and green transition, among others, aligning national priorities with broader European and global agendas. By seizing opportunities and generating value, Greece not only addressed domestic vulnerabilities but also strengthened its diplomatic standing.