Uploaded February 2024 | Updated September 2026, 2 weeks ago
James Galbraith challenges common perceptions about western sanctions and their impact on Russia, revealing unexpected outcomes for its economy and development.
Contrary to the goals of defunding the war and degrading Russia's military capacity, sanctions have led to economic adjustments that have fostered Russia's independent development. Galbraith points out that despite initial disruptions, Russia adapted by focusing on domestic production and diversifying its economic partnerships. This analysis provides a nuanced view of economic sanctions' real-world impacts, suggesting that their effectiveness and consequences are more complex than commonly understood.
James Galbraith challenges common perceptions about western sanctions and their impact on Russia, revealing unexpected outcomes for its economy and development.
Contrary to the goals of defunding the war and degrading Russia's military capacity, sanctions have led to economic adjustments that have fostered Russia's independent development. Galbraith points out that despite initial disruptions, Russia adapted by focusing on domestic production and diversifying its economic partnerships. This analysis provides a nuanced view of economic sanctions' real-world impacts, suggesting that their effectiveness and consequences are more complex than commonly understood.
![Political Economy of Climate Disruption - [ECO]NOMICS Part 2](https://i.ytimg.com/vi/yjC4eVLxo6I/mqdefault.jpg "Political Economy of Climate Disruption - [ECO]NOMICS Part 2
Mainstream economists like to talk about choosing between climate protection and consumption. They often produce studies showing that policy action is too expensive, while climate change itself is not too costly. But a well-functioning climate is the basis for producing goods and services, not an alternative to them.
In part 2 of [ECO]NOMICS, Professor Juliet Shor introduces the political economy approach to climate change, as an alternative to the usual economics. This direction links action and inaction to economic and political interests. Who has interests in continuing to emit greenhouse gases, who is benefiting, and who is bearing the costs? Political economy turns the focus on the companies, countries and people who are disproportionately responsible and have a strong interest in the status quo. Prof. Schor shows how fossil fuel companies have spent vast amounts of money and effort in influencing public opinion and capturing politicians, to forestall government action on climate change. Solving the political economy problem requires new ways of thinking about transcending the interest-based politics that has led to climate inaction.
Part 3 will be available May 11, 2022
Learn more at https://www.ineteconomics.org/perspectives/videos/eco-nomics
Credits: Juliet Schor, Matthew Kulvicki, Nick Alpha, Gonçalo Fonseca, Kurt Semm")
