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The Evolution of Post-War International Financial Sanctions and Its Enlightenment on China

Received: 28 February 2019    Accepted: 23 May 2019    Published: 19 June 2019
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Abstract

International financial sanctions have been increasingly used since the World War II. But what about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? This paper begins with the definition of international financial sanctions by analyzing the characteristics of international financial sanctions. Next, it sorts out its historical evolution process and then discusses the rationality of its existence. It is concluded that the implementation of relevant sanctions should be decided by the U.N. Security Council in the way of resolution. The secondary sanctions are in essence a tool for the U.S. with unique financial advantages to interfere in other countries’ internal affairs and lack international legitimacy. Finally, it’s suggested that on one hand, China needs to take precautions in financial sanctions imposed by other countries; on the other hand, China should have a correct understanding of financial sanctions and give full play to non-violent means such as financial sanctions so as to maintain its core national interests. Therefore, China should promote the reform of the UN sanctions system and improve its domestic system.

DOI 10.11648/j.ss.20190803.15
Published in Social Sciences (Volume 8, Issue 3, June 2019)
Page(s) 101-106
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

International Financial Sanctions, Evolution, Rationality, China

References
[1] Hufbauer, G. C., Schott, J. J. and Elliott, K. A. Economic Sanctions Reconsidered: History and Current Policy, Washington DC: Institute for International Economics, 1990.
[2] Pape, R. A. ‘Why economic sanctions do not work’, International Security, 22 (2), 1997, pp. 90–136.
[3] Cortright, D. and Lopez, G. A. Smart Sanctions: Targeting Economic Statecraft, Lanham, MD: Rowman and Littlefield, 2002.
[4] Gary Clyde Hufbauer, et.. Du Tao, tranS. Economic Sanctions Reconsidered (Third Version). Shanghai People’s Publishing House, 2011, pp. 50-51.
[5] Liu Jianwei. Why International Sanctions Do Not Work. World Economics and Politics, Vol. 10, 2011.
[6] Arne Tostensen and Beate Bul, “Are Smart Sanctions Feasible?” World Politics, Vol. 54, No. 3, April, 2002, pp. 373-403.
[7] Michael Brzoska, “From Dumb to Smart? Recent Reforms of UN Sanctions,” Global Governance, Vol. 9, No. 4, October-December, 2003, pp. 519-535.
[8] Liu Jianping, Liu Wei. Study on the U. S. Foreign Economic Sanctions: A Case Study of the Politicization of Contemporary International Economic Relations. People’s Publishing House, 2009, pp. 206-207.
[9] Huang Feng. “A Comparative Study of Legal Systems of International Financial Sanctions”. Journal of Comparative Law, Vol. 3, 2012.
[10] Gary Clyde Hufbauer, Jeffrey J. Schott, Kimberly Ann Elliott, and Julia Muir, “Post-2000Sanctions Episodes,” in Gary C. Hufbauer, Jeffrey J. Schott, Kimberly A. Elliott, and B. Oegg, Case Studies in Economic Sanctions and Terrorism, Washington, D. C.: Peterson Institute for International Economics, 2012.
[11] Chen Yisheng, Ma Xin. Financial Sanctions—A New U.S. Global Asymmetric Power. China Economic Publishing House, 2015, pp. 36.
[12] Wang Lei, Liu Jianwei. “The Decisions of the EU Foreign Sanctions: Systematic Design and Influencing Factors”. International Review, Vol. 1, 2016.
[13] Duan Kang. “The Financial Institutions of China and Singapore Will Be Immune to America’s Sanctions Against Iran Petroleum”. Aerospace China, Vol. 8, 2012.
[14] Wallensteen, Peter. “Targeting the Right Targets? The U.N. Use of Individual Sanctions.” Global Governance Vol. 18 (2), 2012, pp. 207-230.
[15] Drezner, Daniel. The Sanctions Paradox: Economic Statecraft and International Relations. Cambridge: Cambridge University Press, 1999.
[16] Drezner, Daniel W. “Sanctions Sometimes Smart: Targeted Sanctions in Theory and Practice.” International Studies Review Vol. 13, No. 1 (March) 2011 , pp. 96-108.
[17] Cortright, David, and George Lopez, eds. Smart Sanctions: Targeting Economic Statecraft. New York: Rowan and Littlefield, 2002.
[18] Brzoska, Michael. “From Dumb to Smart? Recent Reforms of UN Sanctions.” Global Governance Vol. 9, no. 4 (Oct-Dec), 2003, pp. 519-535.
[19] Elliott, Kimberly Ann. “Assessing U.N. Sanctions After the Cold War.” International Journal Vol. 65 (1), 2010. pp. 85-97.
[20] Michael Brzoska, “From Dumb to Smart? Recent Reforms of UN Sanctions,” Global Governance, Vol. 9, No. 4, October-December, 2003, pp. 519-535.
[21] Lektzian, David, and Mark Souva. “An Institutional Theory of Sanctions Onset and Success.” Journal of Conflict Resolution Vol. 51(6), 2007, pp .848-871.
[22] Arne Tostensen and Beate Bul, “Are Smart Sanctions Feasible?” World Politics, Vol. 54, No. 3, April, 2002, pp. 373-403.
[23] Liu Jianwei. “Why International Sanctions Do Not Work”. World Economics and Politics, Vol. 10, 2011.
[24] Ferguson, Niall. The Ascent of Money: A Financial History of the World. New York: Penguin, 2008.
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    Zhu Lei. (2019). The Evolution of Post-War International Financial Sanctions and Its Enlightenment on China. Social Sciences, 8(3), 101-106. https://doi.org/10.11648/j.ss.20190803.15

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    Zhu Lei. The Evolution of Post-War International Financial Sanctions and Its Enlightenment on China. Soc. Sci. 2019, 8(3), 101-106. doi: 10.11648/j.ss.20190803.15

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    AMA Style

    Zhu Lei. The Evolution of Post-War International Financial Sanctions and Its Enlightenment on China. Soc Sci. 2019;8(3):101-106. doi: 10.11648/j.ss.20190803.15

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  • @article{10.11648/j.ss.20190803.15,
      author = {Zhu Lei},
      title = {The Evolution of Post-War International Financial Sanctions and Its Enlightenment on China},
      journal = {Social Sciences},
      volume = {8},
      number = {3},
      pages = {101-106},
      doi = {10.11648/j.ss.20190803.15},
      url = {https://doi.org/10.11648/j.ss.20190803.15},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ss.20190803.15},
      abstract = {International financial sanctions have been increasingly used since the World War II. But what about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? This paper begins with the definition of international financial sanctions by analyzing the characteristics of international financial sanctions. Next, it sorts out its historical evolution process and then discusses the rationality of its existence. It is concluded that the implementation of relevant sanctions should be decided by the U.N. Security Council in the way of resolution. The secondary sanctions are in essence a tool for the U.S. with unique financial advantages to interfere in other countries’ internal affairs and lack international legitimacy. Finally, it’s suggested that on one hand, China needs to take precautions in financial sanctions imposed by other countries; on the other hand, China should have a correct understanding of financial sanctions and give full play to non-violent means such as financial sanctions so as to maintain its core national interests. Therefore, China should promote the reform of the UN sanctions system and improve its domestic system.},
     year = {2019}
    }
    

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    AB  - International financial sanctions have been increasingly used since the World War II. But what about the rationality? For the developing countries, especially China, the second largest economy in the world, how can it maintain its financial security in the context of China’s major country diplomacy in the new era and in the transition from a trade power to a financial power? This paper begins with the definition of international financial sanctions by analyzing the characteristics of international financial sanctions. Next, it sorts out its historical evolution process and then discusses the rationality of its existence. It is concluded that the implementation of relevant sanctions should be decided by the U.N. Security Council in the way of resolution. The secondary sanctions are in essence a tool for the U.S. with unique financial advantages to interfere in other countries’ internal affairs and lack international legitimacy. Finally, it’s suggested that on one hand, China needs to take precautions in financial sanctions imposed by other countries; on the other hand, China should have a correct understanding of financial sanctions and give full play to non-violent means such as financial sanctions so as to maintain its core national interests. Therefore, China should promote the reform of the UN sanctions system and improve its domestic system.
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Author Information
  • School of International Relations and Public Affairs, Shanghai International Studies University, Shanghai, China

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