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Do Economic Warfare and Sanctions Work? Three Centuries of Evidence

Author

Listed:
  • Broadberry, Stephen

    (Nuffield College, Oxford, CAGE and CEPR)

  • Harrison, Mark

    (CAGE and Department of Economics, University of Warwick, and CEPR)

Abstract

We draw lessons from three centuries of economic warfare and sanctions. Establishing cause and effect is difficult because much else was typically changing during periods of conflict. Unintended consequences were everywhere. Impact was followed (and sometimes preceded) by adaptation so that countermeasures blunted the effectiveness of economic warfare measures and sanctions. This does not mean that the original measures were unimportant, because countermeasures were costly to the target country. Civilian lives and interests were collateral damage. Economic warfare and sanctions worked most effectively when complemented by fighting power either engaged in conventional warfare or credibly threatening war as a deterrent, and they were ineffective in its absence

Suggested Citation

  • Broadberry, Stephen & Harrison, Mark, 2025. "Do Economic Warfare and Sanctions Work? Three Centuries of Evidence," The Warwick Economics Research Paper Series (TWERPS) 1547, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:1547
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2025/twerp_1547-_harrison.pdf
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    More about this item

    Keywords

    complementary force ; conventional warfare ; displacement effect ; economic warfare ; economic sanctions. JEL Codes: H56 ; N4;
    All these keywords.

    JEL classification:

    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • N4 - Economic History - - Government, War, Law, International Relations, and Regulation

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