Analyzing Mongolia's foreign policy through the lens of hedging

The main argument of the Realist theory, which is among the main theories of international relations, is based on the assumption that the structure of the international system is anarchic and that states are rational actors who maximize their security within this system. Since there is no rule enforcer over the states in this system structure, states use some strategies to survive in this system. Hedging is among these strategies. The concept of hedging, which is a finance term, is used by academics in the international relations literature to examine the foreign policy behaviors of secondary states and is identified strategy offered as a third option between balancing or bandwagoning strategies. Hedging strategy emphasizes that in international relations, a state or actor can deal with the risks and uncertainties in foreign policy decisions more effectively without resorting to strategies of balance of power and bandwagoning. Mongolia, which is the empirical subject of this study, is a clear example of the implementation of hedging strategy in foreign policy. Mongolia, which is completely surrounded by land, has no neighbors other than Russia and China, and is a buffer zone between these two countries, tries to protect its own national interests under difficult conditions. For this purpose, Mongolia uses its hedging strategy to minimize the risks in the problems it may experience with these two countries, without disturbing its relations with Russia and China. As a result, it is determined that Mongolia has successfully implemented the hedging strategy, and it has been finding out that this success has been achieved by using the elements of establishing international cooperation, establishing strategic partnerships and becoming a member of regional or international organizations within the framework of the hedging strategy. Key words: hedging, foreign policy, third neighbor policy, Mongolia, China, Russia