Sanctions and Incentives as Economic Statecraft

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Table of Contents

Introduction
Discussion
Conclusion
Reference

Introduction

Different approaches to economic statecraft yield varying results depending on the complexity of associated issues. Economic sanctions are financial penalties or punishments imposed on a state by one or more countries, while incentives are motivators that encourage certain behaviors and particular decisions. Commercial sanctions might be more effective in stopping Iran’s nuclear weapon development as they will obligate the government’s focus on more critical sectors of the economy and limit their access to resources required for the program.

Discussion

Economic sanctions are effective in dealing with Iran’s nuclear weapon program as they will prevent the nation from accessing the raw materials required to complete the program. Nuclear development is a complex task involving outsourcing vital resources from other countries (Morrison, 2021). Therefore, sanctions can halt transboundary businesses and inhibit the program’s completion. Similarly, sanctions will place more pressure on the government and force it to focus on more critical areas of the economy (Morrison, 2021). Preventing Iran from trading with other nations will lead to scarcity and stress in sectors such as food and agriculture. As a result, the government will shift its focus to dealing with more pressing concerns.

Conclusion

Different approaches to economic statecraft yield varying results. However, sanctions can offer better results than incentives because they provide limited options. If provided with incentives, Iran could publicly declare dropping the project and proceed with its development in secrecy. Therefore, inter-governmental organizations should limit the nation’s opportunities and force it to adhere to global standards by imposing effective economic sanctions.

Reference

Morrison, K. (2021). Economic Sanctions and Nuclear Non-proliferation: A Comparative Study of North Korea and Iran [Master’s thesis, University of Waterloo]. Web.

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Sanctions and Incentives as Economic Statecraft

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