Embargo: Difference between revisions
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{{Otheruses4|the economic term|press embargoes|Embargo (journalism)}} |
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In international [[commerce]] and [[International relations|politics]], an '''embargo''' is the prohibition of commerce and trade with a certain country, in order to isolate it and to put its government into a difficult internal situation, given that the effects of the embargo are often able to make its economy suffer from the initiative. |
In international [[commerce]] and [[International relations|politics]], an '''embargo''' is the prohibition of commerce and trade with a certain country, in order to isolate it and to put its government into a difficult internal situation, given that the effects of the embargo are often able to make its economy suffer from the initiative. |
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Revision as of 00:43, 29 November 2007
It has been suggested that this article be merged into Economic sanctions. (Discuss) Proposed since October 2007. |
In international commerce and politics, an embargo is the prohibition of commerce and trade with a certain country, in order to isolate it and to put its government into a difficult internal situation, given that the effects of the embargo are often able to make its economy suffer from the initiative.
The embargo is usually used as a political punishment for some previous disagreed policies or acts, but its economic nature frequently raises doubts about the real interests that the prohibition serves.
One of the most comprehensive attempts at an embargo happened during the Napoleonic Wars. In an attempt to cripple the United Kingdom economically, the Continental System which forbade European nations from trading with the UK was created. In practice it was not completely enforceable and was as harmful if not more so to the nations involved than to the British.
Although the law of the United States does not prohibit participation in an embargo it does prohibit participation in a secondary embargo. This occurs when one country pressures a business to stop doing business with a third country over issues with which the business is not directly involved. Not only is an American business required not to participate in a secondary embargo, but is also required to report all attempts to get a business to participate in a secondary embargo. The situation which led to these laws are attempts by Arab countries to prevent American companies from doing business with Israel.
The typical reaction is the development of an autarky.
See also
- 1973 oil crisis
- Embargo Act of 1807
- Former Yugoslavia Embargo November 21, 1995 Dayton Peace Accord
- United States embargoes
- United States embargo against Cuba
- CoCom
- Boycott
- International sanctionsgjuhfdjkhfjnjfodhfidhfidfjdhid