Role of Economic Statecraft

Course Description

For decades, economic statecraft was viewed as the forgotten stepchild of foreign policy analysis. The use of force was the ne plus ultra of international relations; economic sanctions were viewed as a symbolic afterthought. Over the past three decades, however, the explosion of economic statecraft has required a rethink of this policy instrument. This course will offer a survey of analytical approaches to economic statecraft, as well as an assessment of prominent cases in economic history. It starts with a conceptual survey of what is under the umbrella of “economic statecraft,” with a special attention to sanctions in particular. The next section conducts a brief historical survey of sanctions, with a special emphasis on the cases that led to rethinks about the use of the policy option. The last section considers current practices on sanctions, in the United States and elsewhere, with a eye on what the future holds.