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Economic sanctions and the broader economic toolkit have become the leading response instruments when the U.S. and its allies confront geopolitical crises. Western powers have levied massive sanctions against Russia over its invasion of Ukraine – sanctions that have reshaped global trade flows in energy, agriculture, and beyond. Likewise, the West has used economic statecraft to try to address Iran’s and North Korea’s illicit nuclear programs, as well as gross human rights violations around the world. And, as strategists map out how the West would respond to a more aggressive Chinese move against Taiwan, sanctions stand at the forefront. This course will provide a grounding in the theory and practice of economic sanctions and statecraft – namely, how governments and the United Nations wield financial and economic tools to shape geopolitics and influence the behavior of state actors. We will examine the emergence of “smart” or targeted sanctions, as well as the oft-misunderstood “secondary sanctions.” We will pay particular attention to the realistic and unrealistic objectives of sanctions campaigns and how their success or failure can be measured, particularly while the campaign is ongoing and the ultimate objectives are unmet. Beyond sanctions, we will assess how export controls, investment, and assistance measures are being used by governments around the world to advance geopolitical (as opposed to economic) goals. Finally, we will look at the unintended effects of the heavy use of economic statecraft, both political and ethical, and how non-Western countries are shoring up their defenses and striking back.