It is increasingly difficult to determine what is political in diplomacy and what is economic, and whether the dividing line between the two is real. The paper aims to explore the nuances of contemporary diplomatic practice involving the economy and trade, centering on the subject of diplomatic action. The U.S. Marshall Plan is one of the better known case studies of economic diplomacy carried out by government actors, while the era of globalization ushered in initiatives of entrepreneurial diplomacy carried out by business, in pursuit of corporate objectives. The twenty-first century, highlighted by the Eurozone crisis, has underlined the role of supranational institutions in policy- and rule-making negotiations and diplomatic consultations for global economic governance. At the same time, positive or negative economic sanctions and blockades, dating back to the Peloponnesian War, have become a distinct practice of contemporary diplomacy. Though one of the strongest forms of nonmilitary coercion, there is much debate about their effectiveness. In the end of the day, economic diplomacy may serve high politics, provided that measures are implemented with the full range of options in mind, and through a comprehensive strategy that engages state and non-state actors.