In a report* published today by the IEA, Professor Charles Rarick** produces a damning indictment of the use of economic sanctions. Rarick says "sanctions are imposed for good causes but they do much collateral damage - they undermine economic freedom, raise business costs, cause unnecessary pain and suffering in the country on which they are imposed and do not generally achieve their objectives."
The US, the report notes, currently has major sanctions against 12 countries and the use of sanctions has increased considerably in the last 25 years. Minor economic sanctions can be imposed by the US with little political discussion.
The report shows how sanctions have had little chance of imposing significant economic harm on the recipient country unless there is complete international unanimity. In