Ones and Tooze The War on Russia's Economy
Mar 4, 2022
This discussion dives into the unprecedented sanctions against Russia due to its invasion of Ukraine. The hosts explore the impact on the ruble and the Russian economy, debating the effectiveness of economic warfare compared to military actions. They also examine how these sanctions could erode trust in international norms and affect the global economic landscape. Additionally, the conversation delves into potential socioeconomic impacts, focusing on how different classes in Russia are coping amidst the crisis.
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Economic Warfare
- Calling Western actions "sanctions" is euphemistic, they constitute economic war.
- The West aims to cripple Russia's finances amidst an ongoing military conflict, actively supporting Ukraine.
Economic vs. Military War
- Economic war uses legalistic tools, unlike bombs, but its impact can be severe.
- Sanctions can have real material impacts, even causing death in extreme cases like historical blockades.
Global Economic Impact
- Russia's small global GDP share limits the direct global impact of sanctions.
- Neighboring countries dependent on Russian labor and remittances will be hit hardest.