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Economic warfare
From Wikipedia, the free encyclopedia
Economic warfare is the term for economic policies followed as a part of military operations during wartime. The purpose of economic warfare is to capture critical economic resources so that the military can operate at full efficiency and/or deprive the enemy forces of those resources so that they cannot fight the war properly. The Russians demonstrated the use of economical warfare in the battle of Stalingrad by cutting off the Germans' supply lines and starving them to death.
There are generally five types or policies followed in economic warfare:
- Blockade
- Blacklisting
- Preemptive Buying
- Rewards
- Capturing of enemy assets
Economic warfare could mostly be seen during World War II when the Allied forces followed these policies to deprive Nazi war machines of critical resources.
More recently the Iraq sanctions imposed by United Nations Security Council resolutions 661 and 687 provide examples of on-going economic warfare.
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Economic warfare was especially evident in the early 1970's when the US President moved the world's currencies off the version of the gold standard agreed at Bretton Woods (Bretton Woods system), at the end of WW2. Essentially this was because the system was too strict for the US, who had printed vastly more dollars than were supported by its holdings of gold. The change opened the door to economic warfare around the world, eg numerous attacks by banks on national treasuries. The huge losses on Black Wednesday in the UK were just one consequence.