When you’re looking to learn more about the global economy, it’s important to have an understanding, as much as you can, from all angles. And that sometimes means looking at the more negative or disruptive side. Which often leads to the idea of economic sanctions.
What Are They?
Economic sanctions can be defined as a form of interruption, or a threat to do so, of customary economic relations between countries. They take place in order to enforce a chance in economic policies or activities of the country that has been sanctioned.
Why Are They Used?
They are often used to deter military aggression, to prevent weapon acquisition, stop terrorist threats, and to protect human rights. However, whether imposing a sanction works or not is another story. We will take a look at some examples next.
And now, in order to help you to understand a little more about economic sanctions and exactly how they work, you may find that it’s handy to look at some examples. One would be in the country of Somalia, where violence has taken place since 1992. Various multilateral and unilateral sanctions have failed, due to the lack of authoritative government. However, in Guinea, multilateral sanctions were issues and were a success, after violent oppression from 2005-2010.
As you may see, there are a range of factors that can affect the success of the economic sanction. If you’d like more information on economic sanctions, just take a look at the infographic below.
Infographic Design By Norwich University