Keynes warned the world against using economic sanctions. His alternative is worth considering | Nicholas Mulder

In 1924, the economist argued that aiding our allies is more effective than sanctioning our foes. That lesson should be heeded today

The United States has come to rely on economic sanctions more than ever before. Following its retreat from Kabul in August, Washington has maintained economic pressure on the Taliban. The treasury's freezing of $9.5bn in Afghan state assets has left that impoverished country facing starvation this winter. Two weeks ago, US officials warned Iran, already under heavy economic pressure, that it will face snapback" sanctions unless Tehran restrains its nuclear ambitions.

Most prominent of all is the sanctions threat that the Biden administration issued against Russia last month. In the face of a large Russian military buildup on the borders of Ukraine, Joe Biden announced on 8 December that Vladimir Putin will face severe consequences, economic consequences like none he's ever seen or ever have been seen" if he escalates into open conflict.