The Theory and Practice of International Economic Sanctions
K. Proka and
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K. Proka: International Trade Center at the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
K. Bagdasaryan: International Trade Center at the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Authors registered in the RePEc Author Service: Багдасарян К.М.
Journal of the New Economic Association, 2019, vol. 43, issue 3, 152-162
We consider theoretical and practical aspects of economic sanctions for assessment and classification of restrictive measures. We also carried out an extensive analysis of foreign and domestic literature about international experience and forms of countering sanctions by various political system. A theoretical analysis of international trade and political sanctions revealed a lack of scientific consensus on a number of fundamental issues, such as the motives underlying the introduction of various restrictions, their effectiveness, factors of their effectiveness, economic consequences etc. Despite the lack of clear and convincing arguments in favor of efficiency of such methods, states continue to actively use them in their practice. A practical analysis of international trade and political sanctions in different historical periods revealed that the most effective policy to counter all kinds of restrictions is not to introduce symmetrical measures and close markets for goods, services, labor, capital, but to conduct a proactive policy to increase market openness and develop investment cooperation. One vivid example of the validity of this statement is the experience of China. As a result of the study, recommendations are proposed for conducting economic policy in the context of the applied restrictive measures in relation to Russia.
Keywords: economic sanctions; trade political constraints; capital outflow; resources redistribution; investment reduction (search for similar items in EconPapers)
JEL-codes: F51 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2019:i:43:p:152-162
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