THE IMPACT OF ECONOMIC SANCTIONS ON INDUSTRIAL DEVELOPMENT
DOI:
https://doi.org/10.24234/scientific.v2i47.165Keywords:
economic sanctions, innovation, self-reliance, economic resilience, legal frameworks, adaptive policies, sustainable growth, production disruptions, industrial modernizationAbstract
Economic sanctions, as tools of foreign policy, have a significant impact on the industrial development of affected nations, influencing financial transactions, trade, and technology access. The goal of the article is to show how economic sanctions, on the one hand, create challenges, such as production disruptions and reduced investments, on the other hand, opportunities, such as encouraging innovation, self-reliance, and economic resilience. Through case studies, it seeks to uncover the specific ways in which sanctions impact different industrial sectors, and how countries can transform these challenges into opportunities for growth.
By combining economic, legal, and policy perspectives, supported by both qualitative and quantitative analysis, the implemented study offers insights for policymakers and industries on how to reduce the negative effects of sanctions while identifying pathways for sustainable growth and industrial development. The findings emphasize the importance of adaptive policies and strategic legal approaches in achieving industrial resilience under challenging conditions.
References
REFERENCE LIST
Amsden A.H. (1989). Asia's Next Giant: South Korea and Late Industrialization. Oxford University Press.
Chang H. J. (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. Anthem Press.
Dos Santos T. (1970). The Structure of Dependence. American Economic Review, 60(2).
Goldstein J. S. (2005). Condensing the Cold War: The Patiently Enduring US-Soviet Détente. Princeton University Press.
Hufbauer G. C., Schott J. J., & Elliott K. A. (2007). Economic Sanctions Reconsidered: History and Current Policy.Peterson Institute for International Economics.
International Atomic Energy Agency (IAEA) (2018). JCPOA and Its Impact on Iran's Industrial Growth. IAEA Review.
International Monetary Fund (IMF) (2017). Economic Consequences of Sanctions on Iran. IMF Working Paper.
Keohane R.O. & Nye J.S. (2001). Power and Interdependence: World Politics in Transition. Longman.
Lin J.Y. (2011). New Structural Economics: A Framework for Rethinking Development.The World Bank.
North D. C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge University Press.
Office of Foreign Assets Control (OFAC) (2020). Overview of the International Emergency Economic Powers Act.U.S. Department of Treasury.
Office of Foreign Assets Control (OFAC) (2020). Secondary Sanctions and Their Extraterritorial Impact.U.S. Department of Treasury.
Porter M.E. (1990). The Competitive Advantage of Nations. New York: Free Press.
Rodrik D. (2004). Industrial Policy for the Twenty-First Century. CEPR Discussion Paper.
Rodrik D. (2004). Industrial Policy for the Twenty-First Century. UNIDO Working Paper.
Stiglitz J. E. (2016). The State, the Market, and Development. New York: Palgrave Macmillan.
United States Energy Information Administration (EIA). Impact of Sanctions on Venezuela's Oil Industry. EIA Report, 2020.
World Customs Organization (WCO) (2021). Guidelines for Managing Border Sanctions. WCO Legal Framework.
World Trade Organization (WTO) (1995). Agreement Establishing the World Trade Organization. Geneva: WTO Secretariat.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 SIRANUSH GRIGORYAN

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.