It appears that Russia will have its way with Georgia and that the west is powerless to do anything about it. In the absence of a willingness to exercise military options, what was intended as "muscular rhetoric" has been exposed as mere bluster and bluff. That has led to pressure to find other ways to punish Russia. In search of a lever, many politicians, from both the left and the right, turn to economics, suggesting that the West can make Russia pay by measures such as blocking its accession to the World Trade Organization, expelling it from the G8 and restricting its investment and trade flows with the West. This is a mistaken approach.
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