درخت حوزه‌های تخصصی

Economic sanctions have evolved into a pivotal instrument of foreign policy, enabling states to exert pressure without direct military confrontation. Traditionally viewed as tools for punishment or coercion, their strategic function as instruments of economic leverage is receiving growing scholarly and policy attention. However, a conceptual gap persists in understanding how sanctions operate not only as punitive measures but as proactive mechanisms for shaping global behavior and diplomacy. This study aims to bridge this gap by critically examining sanctions as instruments of economic statecraft, focusing on their ability to influence state behavior, uphold international norms, and serve long-term strategic interests. Adopting a qualitative, doctrinal methodology, the article analyzes key international legal frameworks, sanctions regimes, and historical case studies involving major powers such as the U.S., EU, and China. The findings reveal that while sanctions are often framed within legal and moral justifications, their effectiveness depends heavily on multilateral coordination, economic integration levels, and the credibility of enforcement. Ultimately, the study concludes that sanctions, when strategically designed and legally grounded, can serve as effective tools of economic leverage, but their overuse or misuse risks undermining their legitimacy and the broader international legal order.

Purpose- Nigeria remains heavily import-dependent and under-industrialized despite abundant natural resources and repeated industrial development programmes. This study investigated how capital market efficiency and financial innovation influence industrialization in Nigeria, with specific focus on their relevance for rural and regional economic transformation. Design/methodology/approach- The study employed an ex-post facto research design using secondary annual time-series data from 2010-2023 obtained from the Central Bank of Nigeria Statistical Bulletin. Descriptive statistics and the Autoregressive Distributed Lag (ARDL) model were applied to examine both short-run and long-run relationships among stock market depth and liquidity, stock market efficiency, fintech adoption, credit to the private sector, inflation, and industrial output. The study also emphasized the rural and regional development implications of financial sector performance. Finding- Results showed that Nigeria’s manufacturing sector contribution to GDP remains structurally low, and market depth is highly volatile. Fintech adoption exhibits the highest dispersion due to periodic surges in electronic payments, while stock market liquidity is relatively stable. ARDL estimates reveal that market liquidity and market depth exert positive and significant effects on industrialization, whereas fintech adoption and private-sector credit exert negative significant effects. Inflation is insignificant. The bounds test confirms strong long-run cointegration among the variables. The findings indicated that Nigeria’s industrialisation is largely driven by short-run financial dynamics, particularly stock market liquidity and credit allocation efficiency. High fintech activity, when weakly regulated, may facilitate capital flight and reduce productive sector investment. Strengthening capital-market institutions, stabilising monetary conditions, and improving rural credit access are essential for sustainable industrial development. Originality/value– This study contributed to the industrialization literature by integrating capital-market efficiency, financial innovation, and rural or regional development perspectives within a unified ARDL framework for Nigeria. It provided new evidence on how financial sector dynamics shape industrial growth in emerging economies.