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Financial War
When diplomacy failed, war used to be inevitable, the continuation of politics by other means. Today, when persuasion doesn’t work, big powers turn to economic combat as their first resort. Sanctions occupy a messy zone between condemnations and air strikes. Hard to organize and uncertain in impact, they can hurt innocents and legitimate businesses. Russia’s seizure of Crimea and threats to eastern Ukraine are putting the effectiveness of sanctions to their latest test. The Situation The use of financial warfare as an alternative to military force has grown dramatically in the new century. Since 2000, the U.S., ... (full story)