Today, Explained

Weapons of cash destruction

Feb 18, 2022
Nicholas Mulder, an assistant professor at Cornell and author of "The Economic Weapon," dives into the intriguing history of economic sanctions as instruments of warfare. He discusses the paradox of sanctions, revealing their limited success and unexpected consequences, especially in the wake of World War I and II. The talk also highlights the complexities of U.S. sanctions, particularly regarding Russia, and suggests that while these measures can weaken economies, diplomatic strategies might prove more effective in resolving conflicts.
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INSIGHT

Sanctions' Origin

  • To avoid another World War I, nations sought a tool as powerful as war.
  • This led to the creation of economic sanctions through the League of Nations.
ANECDOTE

Early Successes of Sanctions

  • The League of Nations successfully used sanctions threats in the 1920s to de-escalate small border wars in the Balkans.
  • These early successes reinforced the belief in sanctions as a deterrent.
INSIGHT

Targeting Civilians

  • Early sanctions intentionally targeted civilians to create broad public pressure for peace.
  • This paradoxical approach aimed to make the threat so severe that it deterred war.
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