Respond to two discussion post with a minimum of 150 works with at least 1 annot

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Respond to two discussion post with a minimum of 150 works with at least 1 annotated scholarly ciations in APA format.
One
For my discussion post this week, I wanted to look further into common law. Our textbook says common law was “devised as a means of compensating someone for wrongful acts.” (Satterlee, 2018) Common Law has been around since historical England. “The common law has a history of a thousand years, and it has developed both within England and in former English colonies throughout the world through a succession of political, legal, and economic changes.” (Baker, 2020) “Common Law theory arose, in part, in response to the threat of centralized power exercised by those who proposed to make law guided by nothing but their own assessments of the demands of justice, expediency, and the common good.” (Postema, 2019) Having both sides present their story and evidence helps ensure justice is served. Having a centralized party make decisions without hearing and seeing both sides can easily make a decision based on personal preference and experience. This can prevent the innocent from being freed and the guilty from being punished. While this process takes longer and is more time and cost consuming, it is the fairest way. Some scholars do not see common law as efficient though. “Common law, better recast as a ‘platform,’ could, under a certain set of parameters, lead to efficient outcomes.” (Sokol, 2019) Common law is mostly seen at the state level, but “there is a limited body of federal common law–that is, rules created and applied by federal courts absent any controlling federal statute.” (Common Law, 2022)
References
Satterlee, B. (2018). International Business with Biblical Worldview.
Baker, J. H. (2020). Criminal courts and procedure at common law 1550–1800. In Crime in England 1550–1800 (pp. 15-48). Routledge.
Postema, G. J. (2019). Bentham and the common law tradition. Oxford University Press.
Sokol, D. D. (2019). Rethinking the efficiency of the common law. Notre Dame L. Rev., 95, 795.
Legal Information Institute. (n.d.). Common law. Legal Information Institute. Retrieved July 6, 2022, from https://www.law.cornell.edu/wex/common_law
Two
The idea of economic sanctions via embargos is not a new concept. Throughout history, we have seen examples of countries placing economic pressures on their enemies to hopefully end hostilities. Does this concept truly work, or does it cause more issues in the long run? Take World War II for example. Although I do feel we would have entered the war eventually, it was the embargo on Japan that led to their attack and brought us into the war. More recently we have seen world powers place embargos on Russia after their invasion of Ukraine. Some studies have shown “that Russia would sustain sizable losses of upwards of 14% of real GDP from an Allied trade embargo, even in the short run.” (Mahlstein et al., 2022)
Unfortunately, this seems to not have the effect economist were hoping for. This is because the strongest form of trade embargo is a total ban on exports to and imports from the target country. (Dumas, 2018) Other research has shown that economic sanctions do significantly influence the target countries’ exchange rate volatility. (Wang et al., 2019) This means that the added economic pressures would have significantly impacted the target country on the world stage. Regardless of how governments place embargos on other governments, they do seem to work. Unfortunately, there’re always unintended consequences to embargos. Typically, the people who are hurt the most by economic sanctions are the innocent people of the target country. Government leaders seldomly absorb economic hardships and they tend to pass them along to the citizens.
References:
Dumas, L. J. (2018). A Proposal for a New United Nations Council on Economic Sanctions. In Economic Sanctions (pp. 187-199). Routledge.
This chapter considers the economic sanctions approach and suggestions made for institutionalizing the process of applying, monitoring, and enforcing them.
Mahlstein, K., McDaniel, C., Schropp, S., & Tsigas, M. (2022). Estimating the Economic Effects of Sanctions on Russia: an Allied Trade Embargo. The World Economy.
This article contributes to the ongoing discussion on the use of sanctions as a coercive tool of international policymaking, focusing on the economic effects of the sanctions on Russia following its invasion of Ukraine.
Wang, Y., Wang, K., & Chang, C. P. (2019). The impacts of economic sanctions on exchange rate volatility. Economic modelling, 82, 58-65.
This research empirically analyzes the impact of various instruments of economic sanctions on official exchange rate volatility by employing data from a panel of 23 target countries covering the period 1996–2015 and using the Least Squares Dummy Variable Corrected (LSDVC) model

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