The theory of sanctions: a brief overview of models

The article is devoted to the consideration of the most common models of economic sanctions, which allow us to assess their practical effectiveness. The practice of economic sanctions has become most widespread in recent decades. They are introduced by both international organizations, for example, the UN Security Council, and individual states and unions - the United States, the European Union. For many years, countries such as Iran, North Korea, and Russia have been under sanctions pressure. The theoretical basis for the development of this mechanism of economic coercion was the liberal model, within which the rational behavior of economic entities is assumed. Based on this model, a country subjected to economic sanctions should abandon the policy that led to such measures in order to prevent an economic downturn, losses from a reduction in foreign trade, and a decrease in the standard of living of the population. However, the practice of applying sanctions shows that their effectiveness is extremely low. Alternative models, including institutional ones based on the theory of public choice, neo-Iberian ones, as well as on the analysis of social conflicts, try to explain the low effectiveness of sanctions, as well as to propose other mechanisms of sanctions pressure on countries.