ECONOMIC SANCTIONS

From a political economy perspective, this text develops an open economy macroeconomic model of international economic sanctions. This text also reviews game and public choice theories of economic coercion. Empirical exercises estimate the economic, humanitarian and political effectiveness of these policies. Import sanctions show the best results in achieving stated political goals and protecting a sanctioned country's populace from detrimental effects. The book also discusses the future of economic statecraft, recommending that policy makers recognize that sanctions are macroeconomic policies, and should be analyzed like monetary and fiscal shocks.