The Pros/Cons of Economic Sanctions Explained: Definition. Examples. Advantages and Disadvantages.
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- Опубліковано 18 гру 2019
- Unfortunately, we hear more and more rhetoric pertaining to economic sanctions, anything from sanctions on small but aggressive nations to potential sanctions on countries with economies large enough to potentially bring the entire interconnected financial system to its knees.
But what are economic sanctions anyway and why are countries tempted to resort to them?
In a nutshell, this is the question that will be explained/answered in one minute by taking things one step at a time: from the definition of economic sanctions to various advantages as well as pros/cons or if you will advantages/disadvantages.
As tempting as economic sanctions may be and as straightforward things oftentimes seem in theory, let's just say that as explained in this one minute video, the situation can get quite tricky once we start analyzing scenarios pertaining to some of the world's largest economies.'
Think of economic sanctions in such instances as you would about mutually assured destruction in military framework: mutually assured economic destruction, in other words :(
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I was searching for a more detailed video on economic sanctions. From what I gather of the Iranian sanctions by the USA, it is not as simple as "businesses feel pressure". The actual human cost is unemployment, starvation, crime, and other nasty effects such as drug usage, prostitution, and the plethora of ways humans struggle as they suffer from lack of money and food. I wish more people talk about this, rather than calling it "a peaceful alternative" to war.
It is undeniable that in such cases, people who are in absolutely no way at fault end up suffering :(
@@OneMinuteEconomics Same shit happened to venezuala
The sanctions don't only hit the targeted nations, other nations like India also suffer from poverty deaths because they can't trade with the sanctioned countries, imagine if India had good infrastructure to build factories which need energy from sanctioned countries like Russia, Iran, Venezuela, etc...
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imposing economic sanctions in the wise words that G.W. Bush has never said would perhaps be, "Shoe me once, shoe's on you. Shoe me twice, I'm keeping those shoes!
:D
...well, i liked the comment 😆
Who's here because of Russia and Ukraine conflict?
Lol
We were supposed to go to a baptism ~50km away from Ukraine. Needless to say, our plans ended up changing :(
Same! I understand things a bit more now!
Nope Cuba.
Firstly you need to ask who gives you the right to sanction other nations?
"There is no provision in the United Nations that a country, which is dissatisfied with another country, can impose sanctions on that country and other countries trading with that nation."
This is bullying, and a bully better keep staying on top...
Does us need a right to do that? Anything/any nation that impedes them from gaining interest or is on its way to threaten their position in this world needs to be nipped. It's not bullying per se, it's just western culture.
Unfortunately, history books tends to be depressing from the perspective of just how creative various nations can get when justifying their actions :(
Shut the fuck up with ur morailty bs countries dont work that way. Oh country b was mean to me that not right boo hoo tell moomy he get spanking your an idiot its the biggest gun or economy that makes the rule dimwit. You may not like but thats the fuking world
Great video! But I have a question what are the most common punishments a country would impose if they were to saction another country? Thank you.
Thanks! :) There is no "one size fits all" answer to this question, because the variables vary from country to country. For example, if China were to hypothetically want to cause a lot of damage to North Korea's economy, they would cease textile industry imports. If they only wanted to proverbially slap them on the wrist, they'd apply sanctions on products/industries with less of an economic impact. In a nutshell, it depends. How badly do you want to punish the country in question? Which industries would have to gain in your country under various scenarios? How far can you go in terms of sanctions without alienating the international community? On the contrary, can you get other countries on board? The list could go on and on :)
@@OneMinuteEconomics Thank you for the answer! This helped a lot.
You're more than welcome, thank YOU for the kind words :)
I searched "What are sanctions good for" and this was the first result. Hope you're doing well as this video is a few years old. Blessings!
Decent enough, heh, thank you for asking. Wish you all the best! :)
Update: I realize a lot of folks are here due to Russia's insane decision of invading Ukraine. If that is the case, please take a minute to watch the following video that I have dedicated to what I believe needs to be done from an economic perspective (anyone can and should help): ua-cam.com/video/nuZI_qBHyaY/v-deo.html
Thank you
What does it mean if a person is sanctioned by the US? How are they affected?
Hi Teddy, it can involve anything from that person not being allowed to enter the US to the US accounts of that person being frozen: no access to bank accounts, not being allowed to sell let's say US real estate that the person in question hypothetically owns and so on :)
This short lesson explains the current trade war very well. 👏
Thanks a lot for the kind words, it's always difficult to cover such controversial topics in a way that doesn't generate negativity :)
Missing the ethics of it. The impact of people in the countries being sanctioned.
In my opinion sanctions on material used to create missiles or expand ones military complex may be justified. Sanctions that deprive a nation of food or medicine outside of war is not, its also not black and white. If for example, the EU sanctioned the UK with material that is export heavy, you might end up causing unemployment.
Indeed, very tricky unfortunately and with potentially devastating unintended consequences :(
Also it can not be justified ukranian civil properity destruction with rockets
But what’s the definition of sanctions? 🤔
Although the presentation was clear, Nuclear reactor doesn't produce nuclear warhead. The video of using nuclear reactor is misleading.
So.. can you explain sanctions?
Hi Paolo, let me know what idea/concept you're struggling with and I'll do my best to help
So basically a country can only oppose sanctions if their allies or friends are willing to stop trade with the victim?
That's geopolitics for ya :)
If a nation is huge it can threaten sanctions, and it can also sanction nations that try to get over the sanctions.
Explaining sanctions as punishment for misbehaviors is, at best, misleading. If country A sanctions country B, then it means country B is misbehaving.
This is not true.
Sanctions are used a tool to pressure another country to change its behavior. The quality of the behavior itself does not matter.
Hi John. As per your comment, sanctions are a tool used to pressure another country to change its behavior. Needless to say, other tools exist as well. How would you define sanctions in a way that differentiates this tool from all the other ones?
@@OneMinuteEconomics I would differentiate it by actually talking about the mechanism of a sanction.
Defining it as a punishment tool for misbehaviors presupposes guilt on the part of the targeted country.
Why choose India as an example?.
@lies you Tell I am from Sri Lanka.
BECAUSE
HERE... INDIA IS COMPETING WITH CHINA !
CHINA'S HAS ECONOMIC THREAT FROM INDIA.
EVERY INVESTORS IN THE WORLD ARE LOOKING FOR IÑDIA... INSTEAD OF CHINA !
SO.. INDIA... TRYING TO DO EXPORTS MORE THAN IMPORTS FROM CHINA !
THIS IS ALL ABOUT ECONOMY . !
AND... THIS CHANNEL TOOK GOOD EXAMPLE BY TAKING IÑDIA, CHINA N JAPAN
AS AN EXAMPLE .
TQ !
I HOPE U UNDERSTAND MY EXPLANATION.
GREETINGS FROM SOUTH INDIA .
First thing that came to my mind as well, USA always Do GOOD and give sanction to BAD BAD country.....
Came here because of Russia
Sanction is a crime
In your opinion, are there no instances in which they are warranted?
Why is it a crime?
We do agree that sanctions is bad, but we allso should agree that it is a special economical operation not sanctions.
Just stop doing any business with whom sanctions you thats all.
Because you didn't get your way, you are going to make every man, woman and child in another country miserable. That would be called hateful, counter productive or just plain stupid.
Which approach would you recommend when dealing with rogue states, for example?
@@OneMinuteEconomics what is a rogue state? How do we define a rogue state? An example, USA went to Iraq and killed more than a million people on an illegal war citing WMD. Who punishes them? They don't recognize the International Crimes Court in the Hague nor are they signed up to it. Israel is commiting atrocious apartheid on Palestine, yet it's not sanctioned because it has USA backing it and being against it, apparently is being against USA. So again how do we punish them or solve the issue, the UN is not working either. I say why don't we just leave each other alone, if people are fighting internally , let them kill each other. If they attack your country then fight them. This thing of sanctions doesn't work, other than breed infighting again because of hunger