Trade Sanctions: A Minor Hindrance or Complete Disaster

Johan Van Rooyen; Amrita Nath

doi:doi:10.11648/j.ijebo.20200803.14

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Trade Sanctions: A Minor Hindrance or Complete Disaster

Johan Van Rooyen, Amrita Nath

Published in International Journal of Economic Behavior and Organization (Volume 8, Issue 3)

Received: 14 May 2019 Accepted: 17 September 2019 Published: 26 October 2020

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Abstract

This paper looks into the impacts trade sanctions have on a country, in particular the economic and financial impacts. The question raised is whether trade sanctions indeed have impact of reducing the economic welfare of a country and if so to what capability? Two cases of trade sanctions have been examined: UN sanctions on Iraq and US sanctions in Iran. The analysis suggests that the despite affecting the economy of the target country, the extent to which it impacts in damaging the economic and financial resources depends upon the type and severity of the sanction. In Iraq, the complete comprehensive multilateral trade sanction crippled its economy and financial pushing it into a state of grave fiscal and humanitarian crisis. In Iran, the unilateral trade sanctions imposed by US in the form of trade barriers, has impacted by the country but economic and financial growth continues with Iran’s other trading partners.

Published in	International Journal of Economic Behavior and Organization (Volume 8, Issue 3)
DOI	10.11648/j.ijebo.20200803.14
Page(s)	74-80
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Sanctions, Financial Impact, Iraq, Trade Barriers

References

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[2]	Cashen, E. (2017). The Impact of Economic Sanctions. World Finance. Retrieved from: https://www.worldfinance.com/special-reports/the-impact-of-economic-sanctions.
[3]	Lindsay, J. M. (1986). Sanctions as Policy Instruments: A Re-Examinaiton. International Studies Quaterly, 30 (No. 2), 153-173.
[4]	Afesorgbor, S. K., & Mahadevan, R. (2016). The Impact of Economic Sanctions on Income of Target States. World Development, Vol 83, pp. 1-11. Retrieved from: https://doi.org/10.1016/j.worlddev.2016.03.015.
[5]	Bapat, N. A., & Clifton Morgan, T. (2009). Multilateral Versus Unilateral Sanctions Reconsidered: A Test Using New Data. International Studies Quarterly, 53 (4), 1075–1094. DOI: 10.1111/j.1468-2478.2009.00569.x.
[6]	Marinov, N. (2005). Do Economic Sanctions Destabilize Country Leaders? American Journal of Political Science, 49 (3), 564–576. DOI: 10.1111/j.1540-5907.2005.00142.x.
[7]	Peksen, D., & Son, B. (2015). Economic Coercion and Currency Crisis in Target Countries. Journal of Peace Research, Vol 52, Issue 4. DOI: 10.1177/0022343314563636.
[8]	Dizaji, S. F., & Van Bergeijk, P. A. (2013). Potential Early Phase Success and Ultimate Failure of Economic Sanctions: A VAR Approach with an application for Iran. Journal of Peach Research, Vol 50, Issue 6. DOI: 10.1177/0022343313485487.
[9]	Hufbauer, Gary Clyde & ProQuest (Firm) (2007). Economic sanctions reconsidered (3rd ed., Expanded ed). Peterson Institute for International Economics, Washington, DC.
[10]	Vreeland, J. R., & Dreher, A. (2014). The Political Economy of the United Nations Security Council: Money and Influence. London: Cambridge University Press.
[11]	Neuenkirch, M., & Neumeier, F. (2015). The Impact of UN and US Economic Sanctions on GDP Growth. European Journal of Political Economy, 110-125.
[12]	Al-Roubaie, A., & Elali, W. (1995). The Financial Implications of Economic Sanctions Against Iraq. Pluto Journals, 17 (3), 53-68.
[13]	Middle East Economist Digest, 30 August 1991, 22.
[14]	Boone, P., Gazdar, H., & Hussain, A. (1997). Sanctions Against Iraq: Cost of Failure. Center for Economic and Social Rights.
[15]	Segal, S. (2018, November 5). The Economic Impact of Iran Sanctions. Retrieved from Center for Strategic International Studies: https://www.csis.org/analysis/economic-impact-iran-sanctions.
[16]	Alavi, A. (2019). Iran’s Official Figures Indicate Alarming Unemployment Rate Later This Year. Radio Farda. Retrieved from: https://en.radiofarda.com/a/iran-official-figures-alarming-unemployment-2019/29698225.html.

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Johan Van Rooyen, Amrita Nath. (2020). Trade Sanctions: A Minor Hindrance or Complete Disaster. International Journal of Economic Behavior and Organization, 8(3), 74-80. https://doi.org/10.11648/j.ijebo.20200803.14

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ACS Style

Johan Van Rooyen; Amrita Nath. Trade Sanctions: A Minor Hindrance or Complete Disaster. Int. J. Econ. Behav. Organ. 2020, 8(3), 74-80. doi: 10.11648/j.ijebo.20200803.14

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AMA Style

Johan Van Rooyen, Amrita Nath. Trade Sanctions: A Minor Hindrance or Complete Disaster. Int J Econ Behav Organ. 2020;8(3):74-80. doi: 10.11648/j.ijebo.20200803.14

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@article{10.11648/j.ijebo.20200803.14,
  author = {Johan Van Rooyen and Amrita Nath},
  title = {Trade Sanctions: A Minor Hindrance or Complete Disaster},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {8},
  number = {3},
  pages = {74-80},
  doi = {10.11648/j.ijebo.20200803.14},
  url = {https://doi.org/10.11648/j.ijebo.20200803.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20200803.14},
  abstract = {This paper looks into the impacts trade sanctions have on a country, in particular the economic and financial impacts. The question raised is whether trade sanctions indeed have impact of reducing the economic welfare of a country and if so to what capability? Two cases of trade sanctions have been examined: UN sanctions on Iraq and US sanctions in Iran. The analysis suggests that the despite affecting the economy of the target country, the extent to which it impacts in damaging the economic and financial resources depends upon the type and severity of the sanction. In Iraq, the complete comprehensive multilateral trade sanction crippled its economy and financial pushing it into a state of grave fiscal and humanitarian crisis. In Iran, the unilateral trade sanctions imposed by US in the form of trade barriers, has impacted by the country but economic and financial growth continues with Iran’s other trading partners.},
 year = {2020}
}

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TY  - JOUR
T1  - Trade Sanctions: A Minor Hindrance or Complete Disaster
AU  - Johan Van Rooyen
AU  - Amrita Nath
Y1  - 2020/10/26
PY  - 2020
N1  - https://doi.org/10.11648/j.ijebo.20200803.14
DO  - 10.11648/j.ijebo.20200803.14
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
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AB  - This paper looks into the impacts trade sanctions have on a country, in particular the economic and financial impacts. The question raised is whether trade sanctions indeed have impact of reducing the economic welfare of a country and if so to what capability? Two cases of trade sanctions have been examined: UN sanctions on Iraq and US sanctions in Iran. The analysis suggests that the despite affecting the economy of the target country, the extent to which it impacts in damaging the economic and financial resources depends upon the type and severity of the sanction. In Iraq, the complete comprehensive multilateral trade sanction crippled its economy and financial pushing it into a state of grave fiscal and humanitarian crisis. In Iran, the unilateral trade sanctions imposed by US in the form of trade barriers, has impacted by the country but economic and financial growth continues with Iran’s other trading partners.
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Author Information

Johan Van Rooyen

Department of Business and Technology, Webster University, Cha-am, Thailand
Amrita Nath

Department of Business and Technology, Webster University, Cha-am, Thailand

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APA Style

Johan Van Rooyen, Amrita Nath. (2020). Trade Sanctions: A Minor Hindrance or Complete Disaster. International Journal of Economic Behavior and Organization, 8(3), 74-80. https://doi.org/10.11648/j.ijebo.20200803.14

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ACS Style

Johan Van Rooyen; Amrita Nath. Trade Sanctions: A Minor Hindrance or Complete Disaster. Int. J. Econ. Behav. Organ. 2020, 8(3), 74-80. doi: 10.11648/j.ijebo.20200803.14

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AMA Style

Johan Van Rooyen, Amrita Nath. Trade Sanctions: A Minor Hindrance or Complete Disaster. Int J Econ Behav Organ. 2020;8(3):74-80. doi: 10.11648/j.ijebo.20200803.14

Copy | Download

@article{10.11648/j.ijebo.20200803.14,
  author = {Johan Van Rooyen and Amrita Nath},
  title = {Trade Sanctions: A Minor Hindrance or Complete Disaster},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {8},
  number = {3},
  pages = {74-80},
  doi = {10.11648/j.ijebo.20200803.14},
  url = {https://doi.org/10.11648/j.ijebo.20200803.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20200803.14},
  abstract = {This paper looks into the impacts trade sanctions have on a country, in particular the economic and financial impacts. The question raised is whether trade sanctions indeed have impact of reducing the economic welfare of a country and if so to what capability? Two cases of trade sanctions have been examined: UN sanctions on Iraq and US sanctions in Iran. The analysis suggests that the despite affecting the economy of the target country, the extent to which it impacts in damaging the economic and financial resources depends upon the type and severity of the sanction. In Iraq, the complete comprehensive multilateral trade sanction crippled its economy and financial pushing it into a state of grave fiscal and humanitarian crisis. In Iran, the unilateral trade sanctions imposed by US in the form of trade barriers, has impacted by the country but economic and financial growth continues with Iran’s other trading partners.},
 year = {2020}
}

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TY  - JOUR
T1  - Trade Sanctions: A Minor Hindrance or Complete Disaster
AU  - Johan Van Rooyen
AU  - Amrita Nath
Y1  - 2020/10/26
PY  - 2020
N1  - https://doi.org/10.11648/j.ijebo.20200803.14
DO  - 10.11648/j.ijebo.20200803.14
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 74
EP  - 80
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20200803.14
AB  - This paper looks into the impacts trade sanctions have on a country, in particular the economic and financial impacts. The question raised is whether trade sanctions indeed have impact of reducing the economic welfare of a country and if so to what capability? Two cases of trade sanctions have been examined: UN sanctions on Iraq and US sanctions in Iran. The analysis suggests that the despite affecting the economy of the target country, the extent to which it impacts in damaging the economic and financial resources depends upon the type and severity of the sanction. In Iraq, the complete comprehensive multilateral trade sanction crippled its economy and financial pushing it into a state of grave fiscal and humanitarian crisis. In Iran, the unilateral trade sanctions imposed by US in the form of trade barriers, has impacted by the country but economic and financial growth continues with Iran’s other trading partners.
VL  - 8
IS  - 3
ER  -

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