Nicholas Mulder

“The policy debate about sanctions has been repeated almost every decade since the [League of Nations] was created in the wake of World War I. At its core has been the perennial question: do economic sanctions work? While the success rate differs depending on the objective, the historical record is relatively clear: most economic sanctions have not worked. In the twentieth century, only one in three uses of sanctions was “at least partially successful.” More modest goals have better chances of success. But from the available data it is clear that the history of sanctions is largely a history of disappointment.

What is striking is that this limited utility has not affected frequency of use. To the contrary: sanctions use doubled in the 1990s and 2000s compared to the period from 1950 to 1985; by the 2010s it had doubled again. Yet while in the 1985–1995 period, at a moment of great relative Western power, the chances of sanctions success were still around 35–40 percent, by 2016 this had fallen below 20 percent. In other words, while the use of sanctions has surged, their odds of success have plummeted.”
― Nicholas Mulder , The Economic Weapon: The Rise of Sanctions as a Tool of Modern War