Global Inequality
Schadenfreude squared: why I am against economic sanctions
Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace
1 comment:
Rather too much appeal to the rational in that piece for my liking.
Sanctions are just trade tariffs with knobs on and trigger a substitution effect in the target country. If you're hitting somebody has large as Russia, they just de-couple from the rest of the world and operate internally.
Arguably all countries should do that to maintain internal cohesion and defeat the power of corporatism - which of course wants a highly coupled world with no cohesive forces able to resist its will.
Both Russia and China may end up showing the way forward. Now that would be hubris exposed.
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