Today, Explained
How sanctions backfire
Sep 5, 2024
Join Jeff Stein, a White House economics reporter for The Washington Post and co-author of "The Money War," as he dives deep into the world of American sanctions. He reveals how these measures, meant to cripple economies, often backfire and yield unexpected consequences, particularly in countries like Venezuela and Syria. Stein shares insights on the evolution of sanctions and their implications for U.S. foreign policy. He even hints at looming economic conflicts with powers like China, making it clear that the stakes are higher than ever.
27:36
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Quick takeaways
- U.S. sanctions, originally intended to pressure regimes like Maduro's, often lead to widespread civilian suffering and economic hardship.
- The shift from broad to targeted sanctions, known as 'smart sanctions', raises ethical concerns regarding their effectiveness and humanitarian impact.
Deep dives
The Widespread Use of Economic Sanctions
Economic sanctions have become a prominent tool for the United States in managing foreign relations, often employed across a multitude of countries including Iran, North Korea, and Venezuela. Sanctions essentially act as a means of isolating specific individuals, entities, or nations from the global economic system, effectively blacklisting them from international trade and financial transactions. They are perceived as a less costly alternative to military intervention, allowing the U.S. to exert pressure without the need for troop deployment. However, the collateral impact of these sanctions is often severe, leading to widespread suffering among civilian populations that can exceed the effects of direct military conflict.
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