What are economic sanctions?
- Economic sanctions restrict trade in some way to try to coerce an opponent to give up some policy concession.
- The policy concession is often completely unrelated to the actual sanctions.
- Economic sanctions have become more frequent over time.
- Since trade is efficient (i.e., it leaves both parties better off), explaining sanctions requires explaining why states do not choose to bargain instead.
- The effectiveness of sanctions is hard to appreciate observationally.