The The Two Dimensions of Financial Warfare
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Abstract
The 20th and 21st centuries saw many cases of coercion by financial means both in war and peace. Throughout history, these financial sanctions have been weaponized by States to coerce countries that hurt their international interests. The deployment of these financial sanctions in a process structured for political purposes will be referred to in this text as financial warfare. There are several strategies that states can use in financial warfare. These different strategies can be used alone or together. The possibility of using such strategies is related to the capacities of each country. Therefore, it is relevant to classify and order the strategies of financial warfare. Thus, this article proposes an organization of these different coercion strategies of the use of money and the financial system in a typology that separates the practice of financial warfare in two different dimensions, bilateral and systemic. Such typology will be presented through several historic examples of the use of financial warfare.
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