What Sanctions Can, and Can’t Do
While President Obama expresses frustration at China’s refusal to support sanctions against North Korea for sinking the ROKS Cheonan, U.S. officials are also expressing their concerns that China will also undermine sanctions against Iran. For what it’s worth, I’m much less bullish about Iran sanctions than I am about sanctions against North Korea. The potential effect of sanctions is inversely proportional to a regime’s connections to the outside world and its possession of goods that have an export market. As...