Navigating great power competition: a neoclassical realist view of hedging

Contrary to predictions that smaller powers will balance against or bandwagon with external threats, Southeast Asian states are hedging by deepening their security cooperation with both the United States and China. Prevailing accounts of hedging do not adequately explain the persistence of such policy choices given growing threat perceptions of China and mounting bipolar pressures. After considering the limitations of existing theories, this article contends that a neoclassical realist approach to hedging better integrates the domestic and international factors that inform decision-makers' preferences. It operationalizes this theoretical framework in three case studies: Singapore, Vietnam, and the Philippines. A neoclassical realist approach takes the role of individual perceptions and bureaucracies seriously, without dismissing the significance of variables identified by neorealism, including security threats, treaty alliances, and economic benefits. Ultimately, a more complete and accurate understanding of what continues to propel hedging in Southeast Asian states can mitigate the risks of great power conflict.