The History and Practice of Economic Statecraft
90-881
Units: 6
Description
The use of economic tools in a world of dense international economic networks to coerce other governments to achieve foreign policy aims is central to understanding the world we see and in augmenting our understanding of the wisdom of various policy options. Economic statecraft impacts target and sender governments, generates spillover effects on external countries, the domestic economy and social stability, and business and NGO perceptions of risk and the viability of participating in foreign countries. This course will first deeply explore the history of economic statecraft and concepts underpinning the strategic calculations regarding its use. It will scrutinize the most evocative form of policy - economic sanctions - in addition to broader frameworks of statecraft which utilize multilateral forums which are the "carrots" of international economic policy. It will also educate students on the state of the literature regarding sanctions' efficacy, and understanding what features of the economy render target states most vulnerable to coercion. In this way we will contextualize claims that Russia "sanction-proofed" its economy prior to its invasion of Ukraine in 2022 and gain deeper insight into the unprecedented sanctions which have been imposed as a result. The course will also discuss the Iranian case, assess Chinese economic statecraft, and conjecture about how economic statecraft fits within the broader context of an emerging US-China rivalry.