The Economic Weapon
The Economic Weapon
Nicholas Mulder
Niall Ferguson
This certainly seems like the history book we should all be reading. - Niall Ferguson
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The Economic Weapon

The Economic Weapon: The Rise of Sanctions as a Tool of Modern War

Nicholas Mulder
By
Nicholas Mulder
3.9
703
ratings on Goodreads

In "The Economic Weapon," Nicholas Mulder masterfully charts the complex origins and troubling legacy of economic sanctions, a pivotal yet paradoxical tool of modern statecraft. With a historian's precision and a storyteller's flair, Mulder embarks on a journey through the tumultuous interwar period, uncovering how what began as a wartime expedient evolved into a peacetime policy aimed at preserving global peace and upholding liberal internationalism. Through meticulous archival research, this book exposes the intricate ways in which economic measures designed to avoid bloodshed ironically took on the characteristics of warfare, employing the global flows of commerce and finance as channels for coercion and conflict. Mulder's narrative is not just a recounting of historical events but a critical examination of the ethical and practical dilemmas that economic sanctions present. By weaving together political, economic, legal, and military threads, "The Economic Weapon" reveals the deep entanglements between economic policies and their unintended yet often devastating consequences. This book is an essential read for understanding the double-edged nature of sanctions: as instruments that are both an alternative to war and yet profoundly warlike in their impacts. In an era where sanctions continue to shape the landscape of international relations, Mulder's work offers a sobering reflection on their fraught legacy and the lessons it holds for contemporary policymakers.

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Released
2022
1 Jan
Length
434
Pages

1

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This certainly seems like the history book we should all be reading. - Niall Ferguson
The policy debate about sanctions has been repeated almost every decade since the [League of Nations] was created in the wake of World War I. At its core has been the perennial question: do economic sanctions work? While the success rate differs depending on the objective, the historical record is relatively clear: most economic sanctions have not worked. In the twentieth century, only one in three uses of sanctions was “at least partially successful.” More modest goals have better chances of success. But from the available data it is clear that the history of sanctions is largely a history of disappointment.What is striking is that this limited utility has not affected frequency of use. To the contrary: sanctions use doubled in the 1990s and 2000s compared to the period from 1950 to 1985; by the 2010s it had doubled again. Yet while in the 1985–1995 period, at a moment of great relative Western power, the chances of sanctions success were still around 35–40 percent, by 2016 this had fallen below 20 percent. In other words, while the use of sanctions has surged, their odds of success have plummeted.
— Nicholas Mulder, The Economic Weapon

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