Do Economic Sanctions Work?

 

Can we find an instrument that has a warlike pressure, but that does not force us to resort to full blown warfare?

Nicholas Mulder History professor at Cornell University
Session

Do Economic Sanctions Work?

Setup

Most of the tactics that allies are employing to stem Putin’s aggressions in Ukraine are economic in nature: oil and gas embargoes, severe international banking restrictions, shutdowns of foreign business operations, and more — all with the objective of crippling aspects of Russia’s economy. But will they work? Is handcuffing a country’s economy an effective way to counter aggression? Historical evidence suggests that sanctions are no panacea — and they often come with unintended consequences that are sobering at best.

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Do Economic Sanctions Work?

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