7/27/2023 0 Comments Keen 6 hidden map![]() ![]() Realising the potential of such embargoes, economists have developed tools to map out pressure points in an adversary’s economy. The final step was the US oil embargo in 1940, which created a siege mentality and ultimately sparked the Pearl Harbour attacks. Concerned by growing Japanese economic aggression in China and threats to Southeast Asia in the 1930s, the US and UK imposed a series of embargoes. Peacetime blockades took the form of economic embargoes. Today computerised econometric models offer much more sophisticated ways to target economic sanctions. Russian coastal blockades in the Black Sea similarly helped starve many Ottomans. More ‘successful’ was the British naval blockade of the Central Powers in World War I, that cut critical food supplies to Germany and Austria-Hungary contributing to many civilian deaths but ending the military stalemate. ![]() Napoleon tried them against Britain without much effect. Such economic blockades have a long history in China. Economic siege on the battlefield might extend to blocking supply lines and trade routes. The castles of Middle Ages Europe, the palisades of Central America, and the fortified hills of New Zealand Māori were built to withstand military attack, but often fell to economic siege, if the attacking army could cut off water and food supplies long enough. Ultimately, the two world wars left a legacy of big governments and huge debts most public debt built up in Europe has originated from warfare.Įconomic warfare has been a tool for military strategists forever. The mid-19 th century Crimean War nearly bankrupted the Russian Treasury, and forced the British into reforms for financing the military. Wars have always been paid for by looting, by taxing, by borrowing and/or by inflation. What has eventuated is the biggest declaration of economic warfare since World War II.Įvery war has an economic element financing military engagement has always been a costly exercise, made more difficult by disrupted funding markets. When Russia began its invasion of Ukraine it was soon clear that there would be widespread condemnation by other countries, but little military assistance. Although economic warfare has been fought before, we are entering a new, unprecedented era of the weaponization of money, writes Alan Bollard. The Russian invasion of Ukraine has led to the biggest ever economic sanction response since World War II. ![]()
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