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From the Cold War era to the current century, the United States has wielded substantial authority in imposing sanctions. This book delves into the intricate and multifaceted landscape of US economic and financial sanctions, unravelling their historical development, legal foundations, and geopolitical motivations. Case studies on five of the most-sanctioned countries in the world – Russia, Iran, Iraq, Cuba, and Venezuela—provide a deeper understanding of how the sanctioning measures allow the US to extend its reach beyond its national boundaries through extraterritorial laws, sophisticated enforcement mechanisms, and the pervasive dollar-denominated global economic structure. Meticulous and nuanced, this book is a go-to resource for understanding sanction regimes from both multilateral and unilateral perspective and the relevant international laws and jurisprudence.
About four decades ago, in the early 1970s, the now-defunct General Agreement on Tariff and Trade (GATT) adopted a special trade mechanism called the Generalized System of Preferences (GSP), which allowed developed countries to grant differential and favorable treatment to less developed countries. A major objective of the initiative was to increase imports into developed countries of semi-manufactured and manufactured goods from developing countries to promote industrialization and economic growth of the latter and thereby enhance greater integration of these countries into the global economy. Such trade preferences, especially tariff concessions, were expected to induce reallocation of factors of production from traditional sectors to more profitable manufacturing activities in developing countries and thus facilitate trade-based, as opposed to aid-based, international resource transfers from the developed to the developing nations.
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