The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Economic Sanctions

  • Jeffrey J. Schott
Reference work entry


Economic sanctions are tools of statecraft used to achieve a broad range of foreign policy goals by threat or deployment of coercive measures such as trade embargoes, asset freezes, or withholding of development aid. Throughout the post-war era, the United States and other countries frequently have imposed economic sanctions, even though they have contributed only infrequently to foreign policy successes. Globalization has made the exercise of economic coercion increasingly complex, but has not obviated the utility of sanctions as part of the foreign policy arsenal.


Economic development Economic sanctions Globalization Terrorism 

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  1. Baldwin, D.A. 1985. Economic statecraft. Princeton: Princeton University Press.Google Scholar
  2. Hufbauer, G.C., K. Elliott, J.J. Schott, and B. Oegg. 2007. Economic sanctions reconsidered. 3rd ed. Washington, DC: Peterson Institute for International Economics.Google Scholar
  3. Martin, L.L. 1992. Coercive cooperation: Explaining multilateral economic sanctions. Princeton: Princeton University Press.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Jeffrey J. Schott
    • 1
  1. 1.