Do Sanctions Work? | Economics Explained
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- čas přidán 4. 04. 2022
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#Ukraine #Russia #Sanctions
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Better be careful this doesn't count as promoting a financial product. I doubt it does, but you better be sure given the new rules.
Have you been watching Ze Frank channel?
8:14 India, missed that one
I guess last bit was about China's take over Taiwan. 🙂
Economics Explained Your commentary over Taiwan being a "worthless piece of land" is extremely offensive.
The analogy about the japanese honeybee-hornet fights was really cool
And where would you place those? Japanese Honey Bee feels like a niche build for countering a top tier wasp build to me.
Hm
The japanese honeybee-hornet build has unlocked a brand new ability which allows it to pent-up damage in order to inflict it to others. A slightly less aggressive approach than the rare move 'self-destruct'. This allows the player to continue their game without having to worry about the long going auto-save glitch which does not save progress on losing the game.
Aye
Video about the bee or wasp build coming up?
Make a video of how a war economy works(similar to what Ukraine's economy transformed into since the invasion).
Include afganistan, Yemen, etc
fr this would be great
Second this: I had a random thought the other day, in a chaotic warzone does one continue to pay their mortgage if they have one? It’s not like the bank is going to send a representative and foreclose while shells are flying overhead, right? And the factory where our mortgagee worked is now a crater so… yeah. I mean I wouldn’t necessarily expect to have the house scott-free forever but I imagine there’s some compromise that likely comes about.
Interesting idea
Good idea!
Unfortunately you are completely missing the most important effect of sanctions on russia: their ability to have a high tech, well maintained military that is capable of effective offensives with high tech equipment. None of the examples you talked about, like north korea, iran or iraq maintained the ability for their armies to go into an successful offensive and as a matter of fact none of these were able to mount major offensives after those sanctions - with the exception of limited strikes in syria by iran. But they were completely at the mercy of israeli high tech attacks.
Look at what sanctions after crimea did to the spending for example of russias air force. It was greatly reduced. Look at russian military equipment - their best equipment and training are much worse than we feared. Look at their high tech offensice weapons - they are aweful, and low in numbers. Even if russia directs its spending mostly towards its military, their offensive capabilities will suffer because of high tech import bans, less training on high tech weapon platforms such as jets, and much less money and knowledge available for high tech weapon research, maintenance and production. Which is what has been going on since crimea to a lesser extend already and ironically has been shown to work in the examples you provided as well.
The probability for regime change is slim. But those sanctions make sure that the russian military, even when staying big, has a real disadvantage compared to western ones, because their tech and training will go down massively - and they are not able to replenish their high tech weaponry that gets used up, destroyed or captured in ukraine. In the end, those sanctions will make sure that offensives by russia are much more easily containanable and therefore protects all the countries around russia. The military of all examples you listed would not stand a chance against western high tech weapons and training. So, sanctions are effective in containing the threat, but not in pushing a country into regime change.
you can still mount offensives with 30 year old weapons and equipment it's that you will take more casualties unless you know what you're doing. before you say but technological advantage always wins... well if it's 1:1 than yes but if the other side outnumbers you 5:1 and the gap isnt' too big... you lose i mean some weapons systems concepts haven't changed much in 30 years. oh sure shinier newer models but the premise is not too different. before anyone says blasphemy.. . the us struggled to deal wih goat herders in the middle east with its super high tech military.... i know maybe political interference??? so many issues.
@@joeswanson733 its a big difference to occupy land compared to push an army back into its own land. Besides, even in afghanistan the usa with its advanced military won easily, they just could not control the inhabitants. With russia, we do not need to occupy their land, we only need to push them back and keep them in their own borders. Also, technology makes a huge difference as seen in the last iraq war. And with guided artillery or mortar shells you can accurately take out targets for example. And if those units are highly mobile, good luck taking them out with unguided counter artillery fire. Another example is javelin vs tanks. Not only are javelins highly effective, but they are also way less costly than losing a tank with crew. Not to mention better trained soldiers that, together with high tech vastly outperform low tech low experience soldiers. There are countless examples that show that this is true.
@@reinerheiner1148 from what I can see here is if you don't want Russia to pose a threat ever again you would need to annihilate them and remove their government from top down replace it with a puppet gov can totally pacify their entire populace... Basically neuter them 100 percent.
Also I know if the gap is too big and the other side are idiots than yes the side with the older toys are going to have a higher chance of losing. I was stressing a military force highly trained motivate with no fear with such proficiency in their weapons they can do it blindfold type that was what I was referring to.
What sense of that all if Ukrainians are dying right now under russian fire? Of course, Nato countries are prepared and even raising their budgets on military... By the cost of civil loses, destroyed cities & infrastructure of a whole country?
Agreed. This video failed to provide an alternative. If you make a claim that sanctions don't work, then what to do instead? Continue doing business with oligarchs, therefore pumping Russia's military budget with profit and taxes from Western companies? Basically you will be funding Russia's tanks and missiles to kill Ukrainians.
At 8:03 - Russia and Ukraine account for over 30% NOT of the world's wheat supply, but its exports. Most wheat is consumed in countries where it is grown. I just don't want panicked hoarding of bread. Thanks for the video. I do agree that sanctions work best as threats, and as such it is difficult to examine counterfactuals; i.e. whether the threat of sanctions worked.
Very doubtful. Now Russian state run media is openly talking about wiping out Ukraine from the map including the language and culture. Anyone who doesn't like occupation needs to be killed or repressed. The state run media is openly admitting that they're committing to ethnic cleansing and new Holocaust.
How much bread can you realistically horde? Maybe like 20 loaves if you fill your freezer?
Flour, much more likely.
@@appa609 If you are going to hoard it's better to buy a lot of flour, since you can bake bread from it plus dry flour can last so much longer than bread if stored correctly.
In either case, this will have a significant impact on poor countries that are net importers of food. I imagine we'll see far more people die of starvation than from war in the coming years.
@@appa609 I mean, you can hoard pasta. And if you have just a small garage you can probably stuff enough pasta for your entire life. And pasta can last indefinitely if you store them well and you live in dry places like Southern California.
The art of a good economist is to always be vague enough to be right afterwards.
He's now a propagandist not an economist.
@@jimbocho660 Who? You?
What's an economist but a specialized statistician? Of course the choice is between being acute in analysis but probably wrong, or obtuse but unfalsifiable.
Better than being vague it to present a situation and be clear about how uncertain it is, I don't think the video was vague, it just honestly gave the answer that he could not predict what would happen.
Because economists are glorified oracles.
Life in a largely isolated, heavily sanctioned country is crappy for everyone who's not at the very top. Even if the rulers hang on, the country stagnates, and the ruler presides over something not very desirable or influential.
Sanctions are generally looked at as an alternative to military force.
It seems wrong to portray the costs of sanctions as high to innocent citizens, neighboring states, and the engaged countries while the cost of the actual war is being shown in Ukraine.
They also often lead to military force like the American sanctions against Japan. And it's not like they're not deadly. The western sanctions against Venezuela are estimated to have killed over 40000 people and rather than making the people turn against the regime, it made them turn further against the west and emboldened a nationalist movement. Germany was sanctioned, blockaded and cut off from the world system twice and was still able to fight two total wars to the end. I can't think of many examples of sanctions working against even a regional power.
I love putin 💛💛
@@chilldude9708 *Us.we are not alone bro
The cost of the actual war is a few thousand deaths (about 1300 so far according to the UN, or 13,000 if you want to multiply that to account for underestimates). The cost of sanctions, well, the Iraq sanctions were estimated to have starved about 500,000 people...
@@ArawnOfAnnwn if the west had responded to Russia's invasion of Ukraine with military force, I doubt that the death count would be a few thousand, more like tens of millions.
What I feel this misses is the game theory perspective. If we don't make the Russian invasion of Ukraine hard on Russia, then that sets the precedent that countries can invade their neighbors with little retribution. That in turn makes countries more likely to do it moving forward. You mentioned that sanctions are tools to be used to threaten but not weapons; but what's a threat really worth if you're not willing to follow through?
Game theory only works if you assume all players are rational. Many autocrats are driven by ego instead of rational thought.
Yeah but the west doesn’t have any leverage over Russia economically, russia has barely any debt and the west relies on their energy. Look at the cost of living crisis in the west right now, the sanctions are on us more than Russia
Watch some vids of Patrick Lancaster, maybe you see different war
@@badluck5647 there might be more rational thinking to it than you thought, new eastern allies are being created and western reliance on China/Russia has now been exposed. The economic war is just beginning, personally id take any economy with energy/goods over the financialisation, deficit monster of the west
@@AusValue Says the Russian troll with his toilet paper currency.
Its also worth noting that the tech sanctions in particular are hammering Russia's ability to rebuild/build up its military. Pretty much all Russian drones *rely* on foreign components, the tanks relied on foreign materials, and Russia's aviation is basically doomed. Not to mention that their military is already taking some hits from the war. Russia stopped valuing engineers with the collapse of the Soviet Union, so they can't really fill in the void of high-tech stuff. And the oligarchs feeding off the rest of society won't help matters there either. Basically, as long as these sanctions are in place, Russian technology will be permanently frozen decades in the past. Which is bad for the military and the economy. That's where the real hurt is.
They'll buy Chinese and eventually build self sufficient domestic industry. But yes short term potential is reduced
Exactly, this stops Putin from going full Hitler and trying to take over the whole of Europe. I think the world had to learn that lesson the hard way. Before and even during WWII Germany was heavily financed by all sorts of countries, including the US! This starves the beast from growing.
Как ножем по сердцу. Наш технический сектор уже 20 лет как мертв(
@@appa609 нет мы просто станем рабом Китая( уже становимся(
@@appa609 Eventually, perhaps. But how long will that take? Iran, for example, has been under sanctions for forty years. While they have a self-sufficient domestic arms industry, their technology is basically stuck at an '80s level.
Also "buy from China" doesn't make up for losses from Europe and America. Contrary to popular opinion, China DOESN'T make everything!
1) Russia is only being sanctioned by the US and its subject nations, not the whole world. Only 25% of the world's population are sanctioning Russia.
2) Sanctions have NOTHING to do with criminal conduct; if that were the case then the USA would be permanently sanctioned by all other countries in the world.
25% of the population but more than half of the world economy
but those 25% population are the white race and they are more superior to the rest of the world...... according to american
@@Spiderfisch I think its even more than 60%, while Russia and its allies have roughly 4% of the worlds economy... yea, this is a very onesided conflict.
You are not really smart.
Nice analysis of the sanctions against Russia, but I feel like it's missing a key part, i.e. the impact of Russia strengthing its relationship with China and India
Their relationship wont strengthen. China and India know better than to choose a country (Russia) who's economy equals that of just California over the rest of the world powers.
The western world is done for
I don't agree with China and Indian's ways, but are they really stupid enough to side with Russia who is failing economically?
@@Latency345 >what is essentially the majority of Eurasia sides together
"Are they dumb or what??"
They do same with Cuba and Venezuela.
I'd say the stupidest thing is to stablish dependencies with nations that are always in the edge of hostility to self or allies. This is why western nations NEED to work harder towards independency from chinese goods too, even if that means higher prices for our consumer items. It sucks. But it sucks harder to be so tied to those regimes.
FACT!! ASAP!!
What that's going to do in reality is just disincentivize powers like China from engaging in diplomacy, thus spiking the odds of nuclear war. The reason Russia has been so violent is because they lack the cushy economic leeway that China has. The most optimal solution for this is to force Russia to submit to our economic order.
Even Israel?
Because the main function of globalization for financial based economies like the US is to offload social tensions by exporting labor intensive industries to other countries?
And countries best suited to such industry export happened to be ones with central planning, good infrastructure, and political stability enabled by authoritarian governments? Take a look at any countries the US had seriously export its industry to, which of them is not or had not been authoritarian? It was simply a form of government needed for fast economic growth.
Why can’t the US stop it and cut dependency? Because the US financial based economy as a whole was rooted in unsustainable growth and rapid expansion. It simply cannot stop if it wants to survive. Once the industry based economy starts to hollow there is no going back.
@@thomaszhang3101 Off load social tensions? I tell you there are folks in the rust belt that did not like losing their jobs due to rich people wanting more profit from cheaper labor. Some are still "tense." Japan was one of the first to take jobs. Japan is a democracy, but they do plan well, have good infrastructure and political stability. Wouldn't building factories in a poor country and providing good jobs help initiate stability in that poor country?
I think manufacturing can return to the US. It is a big country and there are a lot of places that would welcome jobs with a long term steady income. Some items need to be made in US for National security. Some industries can't relocate offshore. Power production and food processing, for example. There is going back. It's a choice of people. Despite what may be taught, economics does not follow rigid rules like Physics. It is a Social science. It is a science of people . People make the choice of what to produce and where.
The sanctions from their original annexation of Crimea have had some effect, Russian aircraft etc are short of PGM and relying on dumb weapons which has made them more vulnerable to portable AA since the high tech needed for PGM has been stopped since 2014, whilst Ukraine is awash with modern Western weapons.
The problem is that for the most part the 2014-2015 sanctions have worked in a counter-factual way, ie what *would have* happened had the sanctions not been imposed? Probably shaved 3% or so off of GDP, but that's growth Russian never had so they don't experience it as a loss. By the same token, if one of the aims was to deter Putin/Russia (through punishment) from further action in Ukraine... they've failed somewhat spectacularly.
On the other hand those dumb bombs are causing civilian deaths
@@Eideric No, that's not what he's saying. If anything, the counterfactual would be whether Russia has the electronic chips it needed or not, and that has very noticeable effects on the Russian war machine, which relies upon them. If Russia can't see *that*, then their leadership is genuinely stubborn beyond relief.
Wishful thinking...
@@Eideric Such clear headed anaysis are not looked upon in a good fashion, after all we live in the echochamber.
I’d love to see one on China’s sanctioning of Australia, but I don’t know whether non-Australians (especially Americans) would find it interesting.
I certainly would, because it appears that Australia may have written a how-to book when it comes to dealing with China.
@@FunkyDPL Can you give a summary on that? I am very concerned about China
@@rikai6754 There is no how-to book. Australia just happens to be a raw material exporter, so when China sanctioned some of their resources, they managed to get other buyers. Which, incidentally, is also happening now with Russia. The Australians weren't smart, just lucky. And their economy is still heavily reliant on China, whose sanctions on them were fairly light.
@@rikai6754 excuse me, what? what did we do?
I almost forgot that China slapped us with sanctions. Seemed like a dumb thing to do at the time, since they subsequently ran out of coal and had rolling blackouts.
And there's also the very simple message from leaders to their nations: "We don't like bullys"
In a democracy, you need to be re-elected and therefore need sympathy. This is one way of getting it.
LOL, the bubble you’re living in !!!!
I think you missed something entirely in your "goals" section.
One of the main goals that you didn't mention is stopping the Russian "war machine" aka making it difficult for their military to run efficiently. This was one of the biggest reason for the technology/computer chips sanctions, to prevent (or slow down) Russia from updating its military technology. Its also the reason that people have criticized companies staying in business in Russia, because doing business in Russia means paying Russian taxes. And that tax money will fund the Russia military. IIRC Zelensky said this rather explicitly.
The goal is not to magically stopping the military in its tracks. Its less about stopping the war and more about making the war more difficult for Russia to continue. Meanwhile collectively many countries are sending billions of dollars worth of aid and weapons to Ukraine.
So we have sanctions attempting to slow down Russia's military ability while we simultaneously bolster Ukraine's military enormously. We can't predict the future and I can't even imagine how this will end, but I think that is a strategy you overlooked.
Zelenski is a billionaire with off shore accounts and a mansion in Miami in a country with a per Capita GDP of $2k USD, who cares what he says about anything?
it only a matter of time until the same is imposed on the the US
@@francismusali676 By whom? Who is economically strong enough to hurt the strongest economy in the world without killing their own economy?
@@j_smith92 China
@@j_smith92 and best of all USA is paying china to do this lol
8:14 India is misspelled in the chart (Indea vs India)
Still, I really enjoyed the video and love your content!
Thank you for pointing it out
A bit disconcerting.. hope we can trust the other info in the vid..
Another mistake around 14:15, I think
no indea is correct not many people know about it but its actualy one of the biggest economies in itt the world. u prob even consumed there wheat before
@@perorin615 i was pointing to the spelling mistake tho
I think an added point of sanctions is for future threat reduction, why feed a country that doesn't play fair? You mentioned in the video that Russia, if isolated by sanctions would prioritise military spending over all else (such as North Korea & Iran), which is true, but when these sanctions bite hard and make life hard for the ordinary person, a lot of their best and brightest would leave the country or at least try to. Russia would have less ability overall to fund their vast military, and over time their military would be woefully obsolete, look at how how many shortcuts are taken with their invasion of Ukraine, North Korea and Iran are an example of the extremes of this, both nations put large amounts of their GDP into military expenditure, but they are hardly a threat compared to other economically wealthy hostile nations such as China, their tech is 20-30 years behind even average Western nations. Sanctions are good in the long term as they isolate and decrease that nations ability to wage war and threaten the current global order.
Russia has a far bigger economy and a far bigger base, so while their military might be "obsolete" it will still be a legitimately dangerous threat to its neighbors, who usually dont have USA standard tech levels.
Please refrain from using the phrase 'a country that doesn't play fair'. It's not like the western countries do. Politics are always ugly and politics at the highest level are the ugliest.
@@matthewbarabas3052 I was more referring to after sanctions take effect (10-20 years from now) the Russian military will be far less of a threat to any surrounding nations, therefore these sanctions would have the desired effect by decreasing their ability to wage war in the future and stopping; or at least decreasing the chances, of this invasion from happening again.
@@Steelrat1994 Politics are an ugly game indeed, but insinuating that Russian and Western politics are equal is laughable at best. Western nations at least have the ability to disagree with their own governments without fear of punishment. Go to moscow in any public square and try to hold up a blank piece of paper, you immediately be silenced and jailed. Russia can do anything it wants as it isnt held to account for its actions, in the West at least there are some avenues to create change from within.
wait wait wait. so it is USA that play fair? Iraq,syria,afghanistan,lybia, serbia, yemen. these r all genocides executed by USA only for last 25 years. after all there is even a term from French economists: exorbitant privilege. about an unfairness of economic system. u have too be aware that u r full of hypocrisy saying things like that. this has nothing to do with: "fair"
When the video began with the bee documentary, I thought sponsors were being gratified, but EE took a nosedive and went on to explain sanction using it as an analogy. It was rather unexpected yet neatly twined.
I wish the video also considered the alternative. A hot war, with NATO would be far more devastating than sanctions of any form. Remember this.
Russia is no Iraq, even if it seems trendy to dunk on the Russian army.
@@mariusvanc And that's why It would be far more devastating and far more expensive
@@mariusvanc Nukes would pretty much wipe the northern hemisphere off the map for a looong time. But Nato would make quick work of the Russian military. Not that it would matter though, with burning radioactive wastelands across both territories.
no need for NATO troops. Ukrainians are kicking Russian asses just fine by themselves. We just need to send them arms and supplies. And then help them with rebuilding their country. If NATO stepped in things could snowball out of control, like in August of 1914. Back then nobody expected that relatively small and insignificant conflict in Balkans would lead up to World War. Let's not repeat that mistake, ok?
A hot war is the activation of Dead Hand, including hypersonic nukes, Nuclear Winter and the death of billions.
Sanctions most often don't work on the current conflict, but they might prevent the next one.
Do you not see the absurd contradiction of your statement?
@@daddy_1453 Every conflict is not every other conflict.
@@jimbocho660 If a conflict was prevented, you likely wouldn't know about it in any way. So no, there is no contradiction to this statement.
...or cause it.
What measure do you use and say it does not work? I have few friends in Russian and they already said it's bad. Do you realise that it's only Putin people that have money, normal citizens are not even that rich and when expenses in general gone up at least 30%. It's bad!
The one thing I DON'T like when it comes to the actions against Russia is seizing their foreign assets and yet expecting them to honor their debts. That doesn't make any sense. You couldn't even call it DEFAULTING if they chose to not honor those debts, but rather just "seizing" foreign assets invested with them in recompense for them doing the same thing.
Great Vid, I know you're not really doing economies of countries again but if you start again; I would totally recommend Nigeria; a really interesting case study due to its place in Africa and its strong diaspora- as a bit of a macroeconomics Nerd this would make my day
Skepticism of the efficacy of sanctions is much less convincing when the military of the sanctioned country is highly dependent on foreign imports.
That's a short to medium term problem; if a country doesn't care about its long term economic health then it can spin up a war economy basically by force.
Or to put it another way, the benefits of those effects can fade if the conflict draws out.
@@Horizontalvertigo But Russia can't just suddenly start producing microchips. Even without sanctions it takes many years to establish an industry in that field. And all modern weapon systems require these. If it hadn't been for sanctions from 2014 the Russian military would be in a far better state.
@@Horizontalvertigo Russian modern tank production stopped after 2014 sanctions and didn't continue for 8 years. Now all tank production stopped. I think EconomicsExplained knows a lot about economics, but not a lot about Russia and how hugely dependent on import it is.
@@jamqdlaty this! It was a little bit frustrating to listen how kind of dismissive the tidbit about 2014 sanctions was. Part of the current military success lies on this, the fact - they did harm Russia where it mattered, ie - their military tech production.
@@seagullskunk I don't know, they might be able to make the current tech level in limited mass production in say, 20-30 years if they work hard and can find the raw resources somewhere.
Sanctions rarely stop anybody from doing anything. But. NO sanctions make it VERY easy to carry on doing whatever they please.
That subtle message at the end. I like it.
What may differentiate this sanctionts from the ones that impacted Cuba, Iraq or North Korea are the sociologic reality of the countries targeted. Russian people had grown accustumed to a standard of living resembling the one experinced in the west and the strain of the severe worsening of living conditions might be too much for many to handle. These are people accustemed to modern standards of living and modern luxuries (even if not in such a degree as in countries such as Germany or the US) and the cultural impact might be the factor that separetes this particular set of sanctions.
Have they? Russia today is poorer that the Soviet Union at it's peak.
Do not confuse Moscow with Russia: Moscow is basically an European modern city while 99% of other cities are in a very bad condition so they would not see a big difference ;-)
@@igorthelight ну и где ты бывал в других городах чтобы с такой уверенностью заявлять? крупные города в целом нормальные, проблемы испытывают мелкие городки где нет работы, но это касается всего мира, все испытывают похожие проблемы, люди уходят туда где есть работа
16:19 Mention Taiwan without mentioning Taiwan. Thank you!
Remember, they're not sanctions, they're special economic operations!
Bruh..
The russian economy must be de-nazified!
If you call the voluntary renunciation of Russian gas "sanctions", then good luck. P.S. gas prices are rising, and gas reserves in Western Europe will not be enough for more than a year or two
And don’t worry about iPhones in Russia, how convenient it is that 90% of American equipment is assembled in China.
@@user-dz1cd6zx9t you are a russian right?
You forgot "for bullying" sanctions can be imposed to bully poorer and weaker countries into complying with richer countries.
The alternative is military force. Superpowers always practice imperialism, and I think it’s slightly better to bully them with sanctions than with military force.
@@theperson8487 no, the alternative is not doing it in the first place, but that won't happen because we have people like you who justifies that atrocities
@@bilalenriquez4444 My bad, my bad. Should’ve phrased it differently. I do not think it’s alright. I do not support imperialism at all and wouldn’t ever justify it. All I’m saying is that sanctions are perhaps a nicer way of bullying than going to war is. Not that any of them are good.
The bee and hornet comparison is right on the point . Several smaller nations sanctioning one larger nation will hurt themselves almost as much as the nation they are sanctioning in an attempt to save the hive from a larger predator.
That ending was subtle, but yes 100% agree, let's hope they leave them alone.
China was already content maintaining the status quo that's persisted for over half a century. The current tensions began in 2017. Nothing changed in China then (Xi came to power in 2012). What changed was the US - Trump came to power and launched an anti-China crusade. Which has continued after him cos the US public liked it. As Russia shows, nations will prioritize security. China will never let the US have Taiwan as another staging ground just off of their coast. They'd rather bomb it to ruins, even if they wouldn't have gone to war otherwise. And the current reaction by the west is likely only hardening their resolve - not wrt Taiwan, but the US.
While this video is pretty good in explaining how sanctions are not an ultimate weapon. It still missed one point, from Ukraine perspective sanctions are a tool needed to slow down Russia economy and if Ukraine actually wins this conflict, heavy sanctions may allow Ukrainian military to grow faster then Russian, this in turn will prevent R-U war number 2.
Their country is in ruins.
@@desdicadodog8452 Yes but most of their weapons and supplies are coming from NATO
Be real ukraine is never going to win, putin will use nuclear weapons before losing thus war
@@alfredjohnson3642 well then we all might die :)
Even if ukraine wins, massive debt is coming, banks and corporations will shred the country to pieces.
I don't know what's worse live under a dictator or under banks?
Been waiting for that video , thanks fellow economist!!!
The irony of Russia being the poster boy of this video hasn't aged well
“Ukrainian Farmers are Too busy harvesting tanks to tend to their crops right now”
I’m dead.
Wicked wordsmithing.
To bad you can’t eat tanks. 😐
@@Praxeus514 can sell it to the west and get millions of dollars tho
@@ludgerkresnik6301 russian tanks were quiet outdated and obsolete for NATO countries, why would they buy it ? maybe they can sell it as cheap scrap metal prices, they will not get much from it.
I had a good laugh at that one.. 😜
Title: "Do sanctions work?"
EE: So, let us talk about bees...
Bees > sanctions
I almost died of laughter when you said Ukrainains are too busy harvesting Russian tanks. Hopefully the harvesting can wrap up quickly, and no more lives lost to war that's going slowly nowhere.
this is going to turn into heir vietnam/iraq.
@@joeswanson733 Unlikely. I doubt the war will drag out anywhere near that long. If it lasts into next year, that'd be very surprising. And no, not cos of sanctions, but cos the Russians themselves seem to be dissatisfied with how it's going.
This was an amazing video. Well done!
The nation building economies are interesting, too. There's was a post-war "economic miracle" in West Germany, Japan, South Korea, and West Europe.
It would be good to see how much of that was from the Marshall Plan and not just an increase in consumer demand during the reconstruction period.
A possible rebuilding plan might already be in the works in Syria, Afghanistan, Libya, Yemen, and Ukraine. Due to the popularity of Zelenskyy, rebuilding Ukraine would have greater support in the US and the West.
And also likely higher centralized cohesion. The thing about Iraq and Afghanistan is that they dont really have a sense of themselves as a nation. Clan, tribe, region, or sect hold much more immediate value to the average Iraqi, though there is some change beginning within the youth there.
Ukraine is a nation-state in the classical sense. While there is definitely corruption, I doubt we'd see the near total embezzlement of government funds that happened routinely over the years of attempted reconstruction in Iraq and Afghanistan.
The US is beyond broke. I say let Russia have it.
Hopefully, the vast amount of state assets seized from Russia could eventually be used to rebuild Ukraine.
@@BirkKallberg yes I also thought of that but at least for currency reserves I don't think it is possible, the western currency are a reserve of value also due to the stability of their societis and fair jusicial systems, trust is very importan in the commerce world. Just think What will happen to Russia if they don't repay the 10 billions planes the seized from western companies, noone will ever lend them anything
@@watchlover7750 Yeah, in normal times I would completely agree. Admittedly, I‘m somewhat out of my depth when it comes to understanding global financial systems. And I‘m not sure if any of Russia‘s foreign currency reserves have actually been touched yet beyond freezing them. But if so, that would be basically theft on a massive scale, wouldn‘t it? Much like what Russia currently seems to be doing with all those planes.
This „reuse“ of frozen state assets already has a precedent. Since the Taliban came into power, Afghanistan‘s foreign currency reserves are frozen by the US. Some of this money has already been promised to 9/11 victims.
I am honestly quite unsure how this will play out as so many fundamental rules and assumptions about our international diplomacy, economy and financial systems have been deeply shaken since the start of the war.
That makes it so hard for me to distinguish between what actions are appropriate and what are inappropriate or what consequences to expect.
What do you think?
Russia wasn't prepared though. Half the reserves of the central bank were frozen in international banks, which is a tremendous impact on the economy of the nation.
Also, military power has already been the main target for government budget allocations.
i honestly don't know how a country like russia dropped the ball on this one so badly. like i know invading another country is 99.999% of the time not justified but good lord if you're gonna do it do it right. like this sh*T takes years of preplanning. you need to save up huge reserves of materials, money, weapons, supplies etc. like doing this out of the blue... you just end up crippling yourself. and now that everyone can see russia is a paper tiger military... good luck for anyone taking you seriously in the future. sure they still got nukes but with their corruption so rampant i wouldn't be surprised if only 10% of their nukes can even work.
@@joeswanson733 its as if having a dictator rule through intimidation is not the most efficient form of government. I really hope my countrymen finally figure this out 🤦♂️
they probably wrote it off as a loss.
@@ivanm3342 any dictator only stays in if half the population supports said ruler and military is on their side. If any one of those components missing that ruler might as well just call it quits also not to add in party fighting
@@joeswanson733 they were preparing though. I won't say they did a great job, but you can clearly see that they were at least from 2014. Russian government has been dropping the ball for 30 years, so it's not a big surprise they've dropped it this time.
As for the paper tiger, I think you've watched too much western media. Russian army is doing just fine. They've been playing soft from the start and they still are playing soft. If they were desperate you would see it from their change of targets and objectives.
Ask yourself some questions: if russia has extremely precise long range rockets that keep bombing the military infrastructure with quite a remarkable success, why don't they hit the rest of the infrastructure? First thing any army would go after if they were playing hard would be powerstations, bridges, railroads. Those are still up and running in Ukraine.
If they wanted to, they could've caused a deathtoll 10 times what it is now. But it would seem, they do have the orders to keep civilian casualties to a minimum after all.
Love the not so subtle jab at China at the end. Great video!
Mutually assured destruction doesn’t really work when people care more about being right than being destroyed.
EE: "no one will say this out loud but regime change is probably the desired outcome" 13:20
Biden: "hold my beer"
That's wishful thinking.
@@nonaligned293 He said it once and when white house officials tried to say he mispoke, he corrected them and said he meant it
Biden went off script. He just wanted to make an passionate speech against war but his senile mind fails at that.
Most of NATO disapproves of what's perceived as a cavalier attitude to war. To say things like that means you're not open to diplomatic solutions.
Though he's gotten redeemed significantly since the scale of warcrimes being committed is being revealed now. And the Russian bots don't even match with the Russian governments own message of the war crimes being staged (most bots claim that they're justified killings).
Can't even manage the logistics of sending the right messages to the right people where you're in complete control apparently.
Well, there's no reason to do ANY deals with a regime that will not respect ANY deal. So, it's not worth the paper it's written on. So...
@@LoneAW0 BuT hE wAs JuSt SaYiNg HiS oPiNiOn AnD hOw He FeLt.
I liked the image of Taiwan showing Chinese ambitions... And they know that the world depends more on China than Russia. Sanctions would not only not work in China, it would effectively bring more pain to everyone than China itself.
not really. China is a factory, we are buying the stuff they make. Tell me, what is easier to do - build a new factory or conjure the clientele out of thin air?
No sanctions would completely destroy China as well they are an export based economy and require raw material imports. There are alot of more reasons why that is basically economic mad but its 1000pm where I am
Countries are already trying to convince their business, or force them to diversify their factories, centers and such in multiple countries and countries of top profit instead of idiotically putting all of their eggs in one basket or in this case one country. In order to minimize China's attempts of influencing or threatening foreign business to do what they want. And Incase of future international economic sanctions that are put on China they will not affect other country's businesses to a major or crushing extent.
I love how all of us on the internet play out these scenarios all the while none of us are playing with the full deck of cards.
@@amonumenttoalallyoursins1207 China also props up the US by buying the bankrupt superpower's debt.
Love how on your chart Stock vs Wages growth at 17:14 the X axis timeline goes 1964 --- 1960 --- 2019.
Love your channel and your content. I learn so much that is especially relevant to our times. Thanks!
I really wonder what the ramifications of these sanctions will be long-term. Seems like pushing Russia in with the Chinese is a risk but something had to deter them if not direct military action… It’s pretty amazing to be living through relatively tumultuous history
We are more likely to lose WW3 if Russia is allied to China.
We are more likely to win WW3 if Russia is allied with NATO.
The Biden regime actually wants to lose WW3. Let that sink in.
Impossible to predict, but really, if we did nothing Russia would push until they attacked Nato Directly and then we get Nuclear war. I would rather minorly increase China's power by giving an unwilling vassal than die in nuclear fire.
China is Not about eternal Love or idealism.
they will brutally abuse russias Situation and squeeze them hard
@@barryfraser831 sorry but you are wrong. The Chinese Communist Party of America occupies the White House & we are doomed to lose WW3.
China is NOT a friend of Russia. Nor anyone else.
Love your content, lean and to the point
the "global community" means the E.U. and the five eyes alliance. You should have made that more clear in your video.
Sanctions also caused educated people to leave Russia. Russia isnt North Korea and there are people who were used to connection to Western world, so they rather emmigrate than build up everything they lost. If sanctions will stay there for longer theres no way young people of Russia will stand that and they probably wont start learning Chinese as well
That's why I think the travel restrictions part of the sanctions kind of undermining the sanctions as a whole. We should make it easier for skilled russians to leave russia.
As though it wasn't already facing that problem after the dissolution of the Soviet Union.
This sort of thing is happening in China too. Lots of young people just washing their hands of the entire situation and starting anew in another country.
That's the problem your sanctions are probably hurting. Those are neutral or who want to change.
How many in the US have the sentiment Russia is the enemy?
They work, they just don't do what those implementing them say they will do.
It will be interesting to see if this war changes the conventional wisdom on sanctions though. From what I understand, we're sort of in uncharted territory in terms of the breadth and scale of the sanctions enforced.
I love putin 💛✨
We aren't really in uncharted territory until Europe stops importing fossil fuels. Which is gonna take time.
lol the "here's looking at your Taiwan" was pretty funny
I think this can really shake up dependency theory in a multitude of ways. 2 big and extreme sides of massive change. One, is that the countries that rely so heavily on the Big 2 can perhaps become self sustaining if the gears are shifted in the right place... the opposite extreme is that these countries fall into an economic downfall and have their country fall apart. We will probably never see one of the two extremes, but it's a wild thought experiment that hasn't been tested to this magnitude until now.
This sucks, they froze my overseas bank accounts and seized 3 of my superyachts so far! #russianoligarchproblems
I can't get money out my domestic bank account to feed my family and friends stuck in foreign countries because they can't buy a ticket with their visa card #regularrussianproblems
If only the Europeans have this same upstanding moral towards US oligarchs when US invaded dozens of countries..
Sadly, most of em are hypocrites..
Fear not, dear oligarch! These sanctions removed all your western-affiliated competitors from the Russian market, leaving citizens no choice other than slaving for you. Your export might dropped a little, since you won't be selling to the West that much of country's wealth, but now your international dealings won't have any strings attached, like these pesky ecological regulations or human rights violations. PwC and others won't give you any rating now (and revoked current ones), so you can be as criminal as you want. And your slaves wouldn't be able to access any information on your wrongdoings, because they won't be able even to buy a VPN, thanks mastercard. And there's much more to be grateful about, dear oligarch!
16:23 That nice way to end this video, especially when you include Taipei 101 footage
Economics Explained throwing in the casual Rhodesia reference. Nice.
Intially skipped the bee intro because I thought it was going to be an ad, I couldn't believe it when a second ad came up! Thankfully we don't live in World with two ads per video yet....
Are you able to post this video with Australia's new anti influencer advice?
*YET*
just get sponsor block and yt premium
One angle I haven't seen explored is the idea that sanctions affect the rank and file of the target nation. If the ruling class is deaf to that for too long, I feel like that's civil war territory -- especially in today's information age where the ruling class can't really control the flow of information and propagandize the population.
That's obviously beyond the scope of this video, but I see all of the pundits saying that sanctions aren't worthwhile. I imagine it's based on historical sanctions failing to deter anything, but we haven't had anything like this with a wealthy and internet-connected people before.
Yeah it's based on some pretty questionable logic. I think the idea is that by economically hurting the general populace, they will make their government stop doing the thing we don't like. But that basically only works in democracies where the state is responsive to the people. Almost all the countries we sanction are utterly autocratic and do not yield to public pressure. Do we seriously expect the Russian people to fight a civil war against Putin's government over losing a few luxuries? We'll have to actually starve them before they get that desperate, and Russia is a food exporter. And if you keep it up for too long the people become utterly bitter towards the countries responsible for their poverty, and become irreconcilable to the West.
"Many of you will die, but that's a sacrifice I'm willing to make"
@@appa609 History suggests that the Russian people are not averse to a bit of civil war
@@appa609 plus putin has 83% approval ratings in russia. The sanctions are just reinforcing a siege mentality against nato.
@@appa609 The Russian populous put Putin in power and kept him there for Decades. Now it is on them to remove him, they are suffering for their own choices of giving him power.
But they can? We banned all Russian media within days. You are unable to get any information out of that place. Russians are unable to get information from the outside world either.
The vast majority of my countrymen believe that our leaders at the time(breakup of Yugoslavia) were the only leaders tried with war crimes. Despite the fact that the verdicts and proceedings from the court cases are available online, and there are no content restrictions in the country.
Security services(State ones) can track, monitor and redirect your communication with no chance of you knowing. Quite a few intelligence professionals spoke about this at length on legitimate security conferences.
The state's ability to control information has never been greater. Think about it, (Obviously the Russian invasion of Ukraine is wrong), but trying to be even remotely critical of the situation, immediately gets you branded as a "Bot" "Propagandist" etc, by regular people, simply because they have been exposed to 1 unified narrative.
loving the aesthetic, keep em coming Bellamy and team
Always informative, thank you.
U think Western companies will be in a rush to get back to Russia, when they have stolen their assets?
It doesn't even have to be stolen assets. If you set up a factory making electric motors and are relying on ball bearings or wire from Russia as part of your supply chain, you are in real trouble. You'll adapt of course, getting parts from some other nation. But when the hostilities eventually end, are you going to go back to buying parts from a country that could be subject to sanctions again? Unlikely, and if you do you'll demand a steep discount from your Russian suppliers to take on the additional risk to your supply chain. You'll even make sure that whoever is supplying your ball bearings and wire isn't getting the steel and copper from Russia, as you can't allow for their supply chains to be disrupted. After this is over, Russian businesses will find few buyers for their goods and their economy will suffer for decades. China will buy some, sure. But they are producing their own widgets and can only buy so much from Russia. These are the microeconomic decisions that are the corollary to the macroeconomic decisions in the video, like nations not getting dependent on food from a nation that might not be allowed to sell it to them in the future.
I wonder if you realise that western companies have stolen quite a bit from the russian companies as well. Lots of deliveries from the west that were payed for never made it's way to their russian buyers. And ofcourse there is no refund. Many small russian businesses already went bankrupt because of that.
Some of the western companies fullfilled their end of the bargain by sending the ordered goods through Finland or otherwise, but a lot of them just went silent. Your media can scream all they like about how russia is breaking all the contracts, except they aren't the only one doing so.
The airplane issue I disagree with you. A very easy solution would be to use the frozen Russian assets to pay back the creditors. Airplane companies stay solvent and Russia pays its bills while keeping the planes (while they are still working that is.) Russia would still be under sanctions. And for the record, no sanctions don't work because there are always western countries and banks willing to break the sanctions for money under the table. The Panama Papers proves this point.
So you are advocating state sanctioned theft?
@@jimbocho660 states are sovereign actors, this means they can do, on paper atleast, anything they want on the international stage.
@@jimbocho660 your talking about people that support stealing yachts from private citizens because of their citizenship, they have no morals or critical thinking when it involves "current thing"
The ukraine situation is funny because these companies didnt need to pull out of Russia, they couldve remained, everybody expected them to remain, but ukraine managed through sheer hype to get companies to pull out one after another.
The problem there is you've robbed Peter to pay Paul, literally. The owners of those frozen assets will almost certainly bear no culpability of the actions of Russian airlines, unless they happen to be airline executives. It's a huge moral hazard.
Sanctions aren't about "defeating" the enemy, they're about shrinking the enemy down into a tiny midget which can't harm anyone very much.
Positive note at 16:10 - "acts of aggression will be punished by the global community" - can't imagine USA and their allies will be punished for leaving in ruins other countries, what they successfully did the past 50 years.
IMHO you skipped the most important affect of sanctions vs. Russia... It dramatically reduces their ability to maintain such a large military. Further it causes almost no access to the highest tech parts from 3rd parties and forces back to the drawing board on home grown tech. Some conscripts will be retasked to agriculture and other essential industries including development of spare parts for essential capabilities like simple transportation.
Further, you failed to mention this worked versus Saddam Hussein as he had great difficulties purchasing and maintain his forces after the first gulf war. When 2003 war came their forces were much lower quality.
Russia is also a prime manufacturer of weapon systems and this becomes very difficult for them now so sanctions also reduces large scale weapon proliferation. They have made themselves toxic in ways I haven't seen before. In many ways they are now much more cut off than Iran and Iraq were because China will not be the support mechanism Russia was for them as their goods are too intertwined with components from the west.
Yes. Even if sanctions are highly unlikely to topple regime, they can drastically reduce capability to wage war.
“Nature is pretty metal” … it really is! That’s why I’m never going to Australia
The bee story is from Japan. The Japanese bees produce less honey than the European bees, so capitalist decided to " fire " the "locals" and "hire" "immigrants" , but no one thought about the Asian giant hornet, which can exterminate a whole European hive in a matter of hours.
Aye, Im not going anywhere that has salt water crocs! 🤣
You talked about how it's hurting everyone doing the sanctions. But you didn't mention how Russia is being hurt from it at all. But that's the question, isn't it? Is it hurting Russia more than others and is it hurting them enough to make them fold eventually? If yes to both questions, it's a super good idea. If yes to one question, it's still a good idea, but not too good. And if no to both, it's a bad idea. You literally didn't address the most important thing lol
US dollar should be abolished. International monetary shouldn’t be based on 1 country
That intro was one of the best analogies I have ever heard, cudos
I'd just like to point out that Russia isolating means Russia leaving Ukraine. So, if sanctions force that, win? I mean, that's kind of how we need to view the sanctions right now. Not as a way to force change in Russia, but to weaken Russia's ability to be a force on the world stage.
Why is this a good thing?
It is sadistic to think that the ultimate goal is world donation by the West.... we had that for centuries and look where it got us.
More players is a system of checks and balances, yet the US wants to counter anyone that challenges it, even if it deserves to be overthrown
Were you high while writing this comment?
minimizing Russian influence starts with forcing them to give up their nukes. as long as they have those, they will always have the world hostage.
Really glad you brought up the sanctions on Iraq and the consequences of it. It's so often forgotten. Everyone is comparing to WW2 or the cold war, but everyone has forgotten a much more recent and relevant example
It should be worth to note that WWII started as a result of sanctions against Germany's role in WWI
Dude, nature documentaries often move me to tears. I am convinced that this is actually one of the best ways to spend one's time, and I won't have it called a waste. :)
And to corroborate my commitment to nature documentaries, I should point out that five words in, I already knew which one you were talking about, and have watched it at least twice.
"Ukrainian farmers are too busy harvesting tanks right now"
Congrats EE man, you just made me fall out of my chair.
I saw somewhere that Russia is only having 1 supporting personnel for every single combatant.
Ideally it should be 3 or 4 supporting personnel for every 1 fighting personnel.
Thank you for making these videos
Love the way you explain things, mate.
economic warfare depends on how much economic exchange a country has with another. The US's sanctions against russia, cuba, and iran haven't been that great since we have very little economic activity with them
back in the day the US had a lot of economic activity with Cuba, it definitely impacted them back then. Nowadays, not so much.
Edit: Do you think EU sanctions affect Russia more than US sanctions? And are they meaningful sanctions?
Maybe the US alone doesn't, but if you add in the EU sanctions, I think they will have a very big effect. And don't forget that, although Russian oil and gas are carved out today, the writing is on the wall. In a year or two, if this war isn't ended, Europe won't be buying Russian fossil fuels any more, and that would be a massive blow to the Russian economy. They could find other buyers, but there is so much infrastructure set up to sell to Europe that their costs will rise up a lot.
Most of the EU expecially Germany is reliant in Russian oil. It got to the point where both Poland and The United States[Donald Trump] warned that such a reliance will make it harder to resist Russia
@@peterhuston7888 China can fill up the demand.....I mean when u think about it,who are the major purchasers of oil and gas,Europe is a old matured economy,not much is going to change there,so the only logical conclusion is the rest of the world middle East Asia and South America and middle east, ironically are mostly poor countries and exporters themselves but that's where the potential lies....many countries in Asia and are rapidly growing and thats where the demand lies.
My only hope is China and middle east and Russia and hopefully the rise of the former ussr in future and other various countries will band together and fight back against the tyranny and hegemony of America and the west.
Many countries and continents have been divided and suppressed and kept down and even suffered the inequities and even devastation of America's policies and agenda.many countries kept impoverished and poor simply because their beliefs and ideological alignments.
Long over are the days of big brother
10:40 "BIDEN DID THAT" that gave me a good laugh 😂.
Thanks mate. Best analysis ever.
13:52 Was nobody gonna mention that he says "most susceptible" while the graphic says "least susceptible" lol
Forgive me if I missed their mentions, but you did not discuss the examples of South Africa and Imperial Japan? South Africa is basically the one and only example where sanctions induced a peaceful transition that the sanctioning nations wanted. But it is Imperial Japan that is more worrisome -- because in that example, sanctions led by the US would have led to the crippling of the Japanese war machine in about 18 months. The only problem is that Imperial Japan decided to go with the desperation gambit of all-out war with the United States. Worrisome parallels it seems to me are that Japan was bogged down in stalemate in China, while today Russia is bogged down in Ukraine. Japan had state-of-the art weaponry in the form of aircraft carriers that was useless for the fight in China, and only really useful in a fight with the United States; while today Russia has long-range nuclear weapons that are useless for fighting in Ukraine, and again, only useful in attacking the United States, and perhaps in addition the UK and France. Imperial Japan's definition of existential threat to their nation impelled them to attack the US, not withdraw from China. I fear current Russia's definition of existential threat to their nation is to strip from them the status of being a great power, one that deserves a seat at discussions on how to manage the world. If Putin and Russia feels it has no future competing in the current global economy, is there a rationale for them to seek to change the equation by annihilating that global economy and accompanying civilization for generations?
Agreed John, but it took a few decades for apartheid sanctions to take effect. are you forseeing the same for Russia?
I think there are major differences between the situation of Imperial japan and Putin´s Russia. First of all the interservice rivalry of the IJA and IJN played a major part on the road to the pacific war. Secondly most of imperial japans actions in the 1930s were motivated by their need for resources. The US oil embargo was just a timer that accelerated the decision of imperial japan to escalate. The direct consequence wasn´t war with the USA, it was the plan to conquer the Dutch East Indies (and their oil production) and most of southeast asia. The USA or better the US forces in the pacific were just an obstacle, that needed to be removed, to reach that goal.
But the main difference in my opinion is the motivation: Imperial Japan had a clear path, some of their opponents were all ready in a war on the other side of the world, they for the most part didn´t attack the enemy heartland and most importantly Imperial Japan thought they could win.
Putin´s russia on the other hand can only escalate for escalations sake. A nuclear strike would be their only feasible option and all parties involved know that nobody wins in a nuclear war.
@@McLenwe Russia has a clear path as well, as soon as the US and China return to their rivalry and end up fighting over Taiwan. Perfect opportunity for them to join in against a common enemy. And nukes aren't as infallible as people pretend - there have already been wars between nuclear powers that didn't result in a nuclear exchange (India and Pakistan). A blow to the US navy and prestige over Taiwan is enough to count, as the US will then be forced to engage in a protracted standoff in order to save face just as Russia is having to do now over Ukraine. And its economy will be in shambles too from a conflict with China, as will China's, which puts Russia on a more even footing in relative terms aka all three will be in bad shape.
I think this is a good reminder that countries should try to get self-sustainable or, at least, diversify their dependencies when dealing with essential stuff like food and energy. So if something like these sanctions happen, we can minimize the impact.
Yeah, I'm also talking about chinese manufacturing. We should diversify that to not depend on a single country and do at least some of the manufacturing in our countries.
It's called Autarky
Well there was The Trans-Pacific Partnership which would have helped the US and weakened China, but Trump withdrew from that in 2017. So maybe try again?
interconnectivity of economies should encourage or even guarantee that there would be peace. If every country was "stand alone", then it's highly likely there would be more war and less cooperation in standing up to atrocity and oppression.
Then you fully agree that the world should also diversify away from it's current defacto Global Exchange Currency Issuer as well, right?
We should do the same with all key industries including digital platforms. Countries need to start pushing away companies like google, facebook, amazon and microsoft to ensure these USA controlled suppliers don;t end up disrupting supply of services over some future ideological dispute with the enforcement of USA's "interests".
Love the reference to Taiwan at the end.
that closer was pretty subtle
I almost skipped the intro thinking was an ad for documentaries.
8:15 Spelled India wrong! (Sorry, my OCD) Otherwise, another fascinating video.
Remember that for when they make their annual "all the things EE got wrong this year" video and you might win a prize if they do that again
It is evident that the sanctions have cut off Russia from the top hign income quartile of the world economies but so far the bottom three quartile of the world economies have not embark on the Russian sanctions bandwagon. It's a good business opportunity for Russia to develop their manufacturing sector to process their natural resources into goods geared at the markets of those bottom three quartile markets like China did.
To develop manufacturing sector, country needs investors, technologies and specialists.
Russia has neither of it. Moreover, it has very strong cleptocracy which will put additional burden on any attempts to develop manufacturing base.
@@user-sy2jy1si8f you just nationalize all the assets and throw away oligarchs, things are in place its just in wrong hands
@@physics77guy just like they did in Venezuela?
What a great idea.
@@physics77guy Yes because the corrupt oligarchs would let that happen
Always a special feature - very interesting
8:19 you mentioned Indea but its India.
It's "it's", not "its". He also mentions Eyeraq, but it's Iraq.
@@mariusvanc god bless you for providing grammar gyan chodi.
8:02 pet peeve mistake - its not "The Ukraine" but just "Ukraine".
I doubt several million Ukrainians would agree.
@@KGoBang huh?
the Intro was unBEElievable!
Excellent video! Thanks!
8:11 you spelt India incorrectly
I would like a video on how much some countries gain from the war. I wonder how much Norway has to gain being another source of oil and gas in Europe
In the chart displaying the wheat produced by countries you have India spelt as Indea. Great video though keep up the great work.
From Canada 🇨🇦
Can we get a follow-up on this topic about the historical uses of sanctions? i.e. Sanctions placed on the UK during the Napoleonic wars and/or Venezuela and how it has affected those economies. I think it would also be nice to compare the effects on a Government's purse vs. the effects on the average Joe's bank account.
Sanctions don't work in the short term, but long term may be different. Refusing goods that Russia needs to repair military equipment should set them back years, and make them less likely to pick on other countries.
Less than 35% of sanction are effective
Which foreign goods exactly can be needed to repair military tech in the country it’s literally made in???
less effective if your European for next winter
@@taoriq3632 Well, that is a statistic that is out there all by itself, without context. What if the effective 35% is for the things that will make a real difference? What if the transgression is so egregious that it is worth it? A think tank could spend years on this topic and it would still be elusive.
Thanks for playing.
@@taoriq3632 So then just multiply the number and scope of the sanctions.