A Look at Economic Sanctions from a Business Perspective (original) (raw)

Some Economic and Ethical Problems with Trade Sanctions

Numerous articles have been written on economic sanctions over the past few decades. Most papers take an overall approach, focusing on the utilities and disutilities of sanctions in general or on a specific sanction. While this paper also looks at general aspects of sanctions, it goes beyond the usual focus and also examines some particular aspects of economic sanctions that are often overlooked in both the economic and ethical literature. Rather than limiting itself to utilitarian aspects of sanction policy, the paper also applies other ethical approaches to evaluate whether sanctions pass the ethical test. The possibility of compensation for losses caused by the imposition of sanctions is also discussed. A bibliography with links to more than 100 articles on trade is also included. BIO Robert W. McGee is an accounting professor and best-selling novelist who has published 58 nonfiction books and more than 700 scholarly articles. He is an attorney and CPA who has lectured or worked in more than 30 countries, and has earned 13 doctorates from universities in the United States and four European countries. The Social Science Research Network has ranked him as high as #2 in the world All-Time among accounting professors and #30 in the world All-Time

The Ethics of Economic Sanctions

Economic Affairs, 2003

This article examines economic sanctions from an ethical perspective. Utilitarian ethics and rights theory are applied to economic sanctions in general. Special attention is paid to the economic sanctions imposed against Iraq and Cuba. The conclusion is that economic sanctions are very difficult to justify on any grounds and have negative consequences. Sanctions should not be used as a tool of international relations.

Economic Sanctions: Theory, Policy, Mechanisms

Baltic Journal of Economic Studies

The purpose of the article is to analyze the theory and practice of international economic sanctions. The application of international economic sanctions and debate about their effectiveness and scale of losses are now at the centre of international politics. Analysis of key factors, mechanisms and socio-economic consequences of economic sanctions in the world economy need a conceptual understanding. The subject of the research is international economic sanctions. According to known practice, economic sanctions policy is based largely on the discretionary approach of using, as required, a policy of rigid rules, which is clearly reflected in the mechanisms, means and instruments of its practical implementation. Economic sanctions are the integral part of international economic policy, implemented through the theory of public (rational) choice, structural theory (cost-issue model), decision-making theory, the theory of coordination and cooperative games, etc. The hierarchical nature o...

Economic sanctions: the kinder, gentler alternative?

Medicine, conflict, and survival

Economic sanctions are often considered to be a legitimate, more peaceful alternative to war. Using examples, particularly that of Iraq, it is evident that this is not necessarily so. As attempts are made to design coercion on nation states short of war, we must heed these examples and consider sanctions as a form of siege warfare. This paper attempts to refine criteria to allow the imposition of sanctions. These would be similar to those allowing the imposition of war. In the realm of international governance, not only must sanctions be employed by the authority of international society, after other less coercive measures have been attempted, they must be supported by the people whom they are meant to protect, and efforts must be made to minimise and to monitor their consequences.

ECONOMIC SANCTIONS UNDER INTERNATIONAL LAW: AN OVERVIEW

Sri Lanka Journal of International Law, 2022

Since long ago, economic sanctions were used as one of the major foreign policy tools around the globe, although many analysts are doubtful about their success. States that apply economic sanctions, generally, claim that this policy measure will bring significant changes in the behaviours of the decision-makers of the victim states, and administrative reforms, but such claims are refutable. Besides, despite having immense global implications, it is still unclear which rules of international law apply to regulate economic sanctions. This atmosphere poses several questions, especially, regarding the success of economic sanctions; their implications on national and international affairs, and the regulatory measures. Keeping these in view, this article aims to clarify the notion 'economic sanctions'; their aims and purposes; implications, and especially, the legality of unilateral economic sanctions by analysing key international instruments, international conventions, and the provisions of international law. The findings reveal that though not well organised as a set of laws, and not properly followed, there are diverse provisions of international law that can be used to regulate economic sanctions. Hence, countries attempting to impose economic sanctions should follow those legal rules, otherwise, the legality of such economic embargoes will always be questioned.

Towards a Definition of Economic Sanctions

2004

Scholars have long been groping for a definition of “economic sanctions” in order to distinguish the concept from other forms of international non-military coercion and identify the specific attributes of this complex human endeavour. Thus, various related terms have been used, which may or may not designate the same phenomenon: Economic aggression[1], economic warfare[2], economic coercion[3] and embargoes[4]. Regardless of whether the use of the term is always appropriate and whether all commentators do in fact mean the same thing, the expression ‘economic sanctions’ has increasingly been used since around 1990 as the generic label for various unilateral and multilateral measures of deprivation imposed on individual national economies. We will maintain this usage in order to avoid confusion.

ECONOMIC SANCTIONS IN INTERNATIONAL LAW

UTMS Journal of Economics, 2018

Economic sanctions are a very important topic in the present international relations but also very common headlines in the daily news. At the present time, they become an increasingly prevalent measure for disciplining states' unacceptable behaviour by a ban on trade and disruption of financial relations for political purposes. Economic sanctions can be imposed by an international organization, being there multilateral (UN) or regional (such as EU) but also can appear in form of unilateral (autonomous) act of a state. The latter is broadly criticized as being contrary to international law hence these unilateral sanctions face lack of support by the international lawyers. On the other hand, there exists no universally accepted mechanism (authoritative international body) in international law to determine if one economic sanction is lawful or not thus this issue remains one of the least developed area therein. Economic sanctions 'effectiveness is another opened question that requires prompt reaction. Therefore, the existing relationship between economic sanction and international law is controversial and opens perspectives for different approaches and tensions in the international arena.

Are Sanctions Working? An Analysis of International Economic Sanctions Policies

2023

Economic sanctions have been a key policy option in international relations over the last few centuries. They represent an important alternative to war, making them a popular policy. However, questions remain over whether they are a particularly effective option. This paper will seek to critically analyse the literature on policy success and failure to establish a framework through which international economic sanctions policy can be effectively analysed. This framework will then be applied to case studies of how economic sanctions policy has been applied in Iran and Russia. This paper will then add further depth to the analysis of sanctions by examining how the application of sanctions has affected sanction-sender nations, most particularly the United Kingdom and the European Union. This paper concludes that sanctions can be a useful and effective policy, but only where they are applied with clear, specific and reasonable policy aims.

The Power and Consequences of International Sanctions

2020

The imposition of politically motivated restrictions on trade, financial flows, the ownership of assets, communication, or travel by governments – prominent forms of international sanctions applied in the recent past – are hotly debated issues of international politics. One of the main topics in these discussions is the question of the effects of sanctions. Are sanctions attaining what those mandating them aim for? Or do they primarily have other effects? Or no effects at all?