Economic Warfare Project

For this purpose, countries utilise the electronic and communication technology as weapon that helps political as well as military leaders to get instant and accurate information about economic condition of rivalry nations, with strategies they are using for strengthening capabilities of enterprises to conquer the international markets. This would help in developing better strategies to weaken their economic conditions and retaliate over actions of them, to enhance own power.

Economic warfare defines as a state of interference within international economic relationship, with purpose to improve the military, economic and political position of a nation. As per views of classical economist, today, the world is visualised in a manner, where enterprises and individuals of every nation strive for maximising their utility and profitability, by utilising the lowest cost resources (O’Rourke, 2019). In this regard, each country focus on specialising in production under which all economic units possess the comparative advantages. Along with this, private interests which includes high profits, focus on buy raw materials from cheapest markets and distribute the finished products into best places, where economic condition is relatively high. Through military aspects, economic warfare includes two basic dimensions – a country uses it as an adjunct for military operations and second one is to strengthen the establishment of peacetime military.

However, in both terminologies purpose is same, i.e. a nation seeks to acquire maximum resources as possible for its military uses that contributes to reduce potential war-making capabilities of enemy. These resources can be acquired to improve trade of own nation from others, which provides direct support to military operations. In wartime, economic warfare also concerns on preventing resources to fall into hands of enemy, where actions are taken sometime to weaken the economic state of rival nations.

Economic warfare can also be defined as a threat to use means of economy against a nation for weaken its economy, which may reduce its military and political power. It includes embargoes, tariff discrimination, boycotts, embargoes, suspension of aid, freeze the capital assets etc. For this purpose, a country tends to changes its policies and behaviour for undermining own ability to conduct effective relationship with other nations. In this regard, countries that are mostly engaged in economic warfare deny the adversary access to technological, financial and physical resources for weaken economy of its rival countries. Among the range of economic means embargo or partial embargo considered as one of the strategy for anticipation of possible war, where a nation may apprehend the distinct possibility of war with another country. Therefore, to mitigate this threat, economists decide to restrict the trade which may enhance the potential in terms of war-making of prospective enemy. In this regard, if there will be no embargo then rival countries would be in war state as it could be. One of such example was United States which had frequently employed the preceding military operations with support of some European nations during 1950s to 1960s, against Europe, Soviet Union and Communist China.

Economic warfare is also taken as two-sided affair where, the intendent victim who is in state of this war is expected to retaliate (Rode, 2019). So, under this state, nation which faces such warfare can retaliate in three manners – (1) Nation will passive and accept the possible solution which the initiator proposes, which is considered as the fair phenomena. (2) Victim nation may fight back to defend itself from the state of warfare either by breaking embargo, paying off for accumulated debts via borrow from other nations or sell accumulated balances on discounts. Along with this, victim countries can also fight back by developing better economic policy that potentially harm the initiator on other economic terms. (3) Here, both initiator and victim countries engage in economic warfare with different purposive goals and get success also. The perfect example of this situation is US – China trade war, where both countries have imposed high tariff rates on trade to affect economic condition of each other. US – China Trade war is one of the ongoing economic warfare between two largest national economies of world.

Here, in 2018, to promote the domestic goods, President of this nation Donald Trump has imposed tariff rates and set some trade barriers to reduce the trade deficit. To retaliate, China has also developed the policies for strengthening its economy and recover from the loss due to imposed tariff. As China in today’s 21^st century considered as the second most powerful nation in terms of economy, therefore, to crush US within economic warfare, it provides funds to other nations such as Venezuela, to build political ties (O’Rourke, 2019). Along with this, Chinese enterprises are also engaged within soccer stadium diplomacy, mostly in countries of Africa which are rich in natural resources, to make investment and construct the brand stadiums. This would may help China in producing more goods and services on low cost of production and sell at international market, for strengthening its economic power. In this regard, beating other nations in economic warfare and weaken their powers result in heavy damages without any bloodshed.

As economic warfare is considered as name of third world war, therefore, effectiveness of it depends on numerous factors, which include the capacity of adversary for producing the restricted commodities internally (Whyte and Mazanec, 2018). For example, United States’ efforts for ousting Fidel Castor Fidel from power inCuba through maintaining an embargo from decades, had frustrated via increased trade activities between Canada and Western European countries, including Cuba and Mexico also. Along with this, respective warfare sometime also known relatively as alternative or inexpensive complement to military engagement, which imposes the costs on initiating country through denying the access of any kind of economic exchange with other targeted nation. An instance of this statement - Residents in US paid higher costs for those goods which could have been imported from Cuba and other nations on more cheap rates.

Also read:- Globlisation And Nationalism - Comparative Analysis

In economic warfare with military and political means success depend on how nations utilise their balanced combination of talent as well as military knowledge for trained enterprises to conquer the international market as much as possible. This success also results from well based usage of knowledge to produce best products and distribute at international level which affects economy of other nations negatively.

Score Top Grades in Academics by Placing an Assignment Order

Concerned that you won't finish your assignment in time? Do not worry! Our writing service provides prompt, high-quality support. If you are looking for assignment help UK, you can contact Assignmentdesk.co.uk. We provide outstanding quality assignments at pocket-friendly prices to the students. We have a team of professional writers who can assist you with the assignment writing task and help you to score high grades. Our experts are also skilled in providing essay writing service UK, and they have vast knowledge in dealing with students writing problems. Our main motive is to relieve students' academic worries and help them get high grades in the semester. Contact us today and get the best writing services like dissertation help, custom writing help and much more. 

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit