ECONOMIC TERRORISM

Jul 27, 2013 Features / Columnists, Peeping Tom

When one thinks about terrorism, the most common image that springs to mind is a small band of individuals conspiring to commit atrocities that affect large numbers of persons, and which result in significant human toll, material damage or both. Terrorism is associated with acts that leave large numbers injured or dead and extreme collateral damage
But this imagery of terrorism is not a complete one because terrorist actions need not involve the use of violence. In fact when one considers the concept of economic terrorism it may include the use of violence against economic targets within a country, but it can equally refer to non- violent actions aimed to affect the economic prospects or future of a country. It can have immediate effect or the effect can be long- term and even delayed.
Ever since the financial crisis of 2008, the concept of economic terrorism has returned with a new freshness. Critics of the neo-liberal economic order have accused large financial interests of committing economic terrorism against millions of persons, most of who have lost their homes, their jobs and who suffered grave financial losses as a result of the ensuring meltdown.
Some have gone further and argued that there is a direct correlation between the increase in suicides and the financial crises that exist in those countries. The critics contend that the financial imprudence that led to the sub-prime crisis constituted economic terrorism because the crisis affected large numbers of persons, resulting in massive material losses and it continues to affect the economic future of the countries concerned.
Since the financial crisis of 2008, a wide range of actions, including strike action and demands for a forty-hour work week have attracted the label of economic terrorism. But the concept of economic terrorism is not a new one. It has been around for at least a century and was in fact a favorite label of the communists when describing actions aimed at destabilizing or undermining working class interests.
In fact, it was Karl Mark himself who used the concept to refer to actions by the bourgeoisie class directed against the working men and women.
When American-supported mercenaries planted mines in the harbours of Nicaragua so as to discourage trade with that country, the act was deemed as a form of economic terrorism.
But economic terrorism needs not be violent at all, or needs not involve only external enemies. Economic terrorism can be non- violent such as those actions which are aimed at destabilizing an economy or have long- term effects on the economic future of a country.
Cuba itself has been subjected to many actions by imperialism aimed at crippling its economic development. That country has suffered from an economic embargo instituted by the United States, and which forms part of American law. This embargo imposes sanctions on companies and individuals who do business or visit Cuba.
The embargo has been in place for over fifty years and has been credited with crippling the economic prospects of that socialist nation. So adverse has been the effects that Cuba has gone beyond describing it as economic terrorism. It has labeled the embargo as constituting economic genocide against the people of Cuba.
Just this month, the European Union instituted a ban on EU institutions, prohibiting them from undertaking business with organizations and groupings located in the occupied territories, that is, areas which do not constitute part of the State of Israel as per the United Nations Agreement of 1949. While the ban does not restrict countries dealing with Israel bilaterally, it does restrict official EU relations with the occupied territories.
This is a most interesting development considering that the two-state solution is predicated on 1969 borders. Israel has reacted harshly to this ban, describing it as economic terrorism against the thousands of Israelis who live in Judea, Samaria, eastern Jerusalem and the Golan Heights.
These varied usages of the terms ‘economic terrorism’ has reduced its potency. No longer is economic terrorism seen as being ‘restricted to violent and destructive acts against economic targets; no longer are terrorist acts the exclusive preserve of non-state actors or external forces.
Instead a wide range of actions are now classified as economic terrorism so long as these impact on large numbers of persons resulting either in human and/or material damage or seriously impact on the future economic prospects of a nation.
So is there economic terrorism outside your window?

Latest News

ECONOMIC TERRORISM

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Mice and Jermaine $1.7M Linden Futsal tournament starts tonight with...

Slingerz FC hunt second win tonight

More sponsors on board ahead of Second Annual...

LGC to host STP Investments Inc. Golf Tourney...

𝐓𝐒𝐔, Region 2 book semi-final spots as...

World Athletics recognize AAG Elections

Features/Columnists

The PPP has started the intimidation

The Caribbean: Destined to Grin and Bear the Consequences of Its Self-Created Vulnerabilities?

Elections: role of the polls

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

ECONOMIC TERRORISM

Share this:

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]