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Professor Norman Bailey critiques economic sanctions

Normal A. Bailey, Adjunct Professor at IWP, contributed to the Summer 2014 issue of The International Economy magazine. In an article entitled “Economic Sanctions Seldom Work,” Prof. Bailey argues how, in rare cases, these sanctions may have a very powerful effect upon an adversary, but this would require intense, targeted, and sustained economic sanctions plus the universal support of the sanctioning government’s allied states. He also commented that economic sanctions will become increasingly commonplace, as governments often use such sanctions simply as a ploy in order to appeal to popular demands and to seem as though policy leaders are taking legitimate and effective action against an opposition.

Also, in a Letter to the Editor in the magazine, Prof. Bailey argues how innovation produces prosperity for those who own the physical and intellectual capital in a society and how employee stock ownership of capital would increase such innovation’s effect.  

Please click here for more information about The International Economy magazine.

Greg Willey