Economic Peace Revisited: Coercion in a Liberal Order

24 March 2020, Version 1
This content is an early or alternative research output and has not been peer-reviewed at the time of posting.

Abstract

Scholars have argued whether democratic peace also holds in the realm of economic sanctions – whether there is an economic peace. Substantial amounts of evidence have been gathered both for and against economic peace. We can see that findings have been extremely sensitive to changes in research design – new data or changes in statistical methods have led to divergent results. This article provides new insight, with the use of the updated TIES data set and improved methodology, into the topic of economic peace. I find that democracies are more likely to issue economic sanctions, and that there is no economic peace. In fact, democracies are more likely to sanction one another. I indicate that lack of economic peace is consistent with the public choice approach to economic sanctions. I argue that the exercise of power in the liberal order has been rechannelled to economic coercion.

Keywords

Economic Peace
Democratic Peace
Economic Sanctions

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