Economic Sanctions Evolution, Consequences, and Challenges

• Published in: The Journal of economic perspectives Vol. 37; no. 1; pp. 3 - 30
• Main Authors: Morgan, T. Clifton, Syropoulos, Constantinos, Yotov, Yoto V.
• Format: Journal Article
• Language: English
• Published: American Economic Association 2023
• Subjects: Trade Sanctions and International Relations
• ISSN: 0895-3309; 1944-7965
• DOI: 10.1257/jep.37.1.3

Taking an interdisciplinary perspective, we examine the evolution of economic sanctions in the post-World War II era and reflect on the lessons that could be drawn from their features and patterns of use. We observe that, during this time, there has been a remarkable increase in the use of sanctions as an instrument of foreign policy. We classify this period into four 'eras' and discuss, in this context, how the evolution of sanctions may be linked to salient features of the contemporaneous international political and economic orders. Our review of the related literatures in economics and political science suggests, among other things, that our understanding of sanction processes could be significantly advanced by marrying these perspectives. We conclude by identifying several questions and challenges, and by discussing how interdisciplinary research could address them.