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Economic terrorism. Examples of Economic terrorism

Economic terrorism

The concept of economic terrorism is disputed, and is generally used in 

a polemical or demagogic way to associate the term "terrorism" with a 

country, a company or a group accused of abuses.

Nevertheless, Economic terrorism is also used in a way more strictly 

defined to indicate an attempt at economic destabilization by a group. 

the Center of Security Policy of Geneva defined economic terrorism:

More precisely, in 2005 the Center of Security Policy of Geneva defined 

economic terrorism in the following terms:

Contrary to economic warfare which is undertaken by states against other states, 

economic terrorism would be undertaken by transnational or non-state actors. 

This could entail varied, coordinated and sophisticated or massive destabilizing 

actions in order to disrupt the economic and financial stability of a state, 

a group of states or a society such as market oriented western societies for 

ideological or religious motives.

These actions, if undertaken, may be violent or not. They could have either 

immediate effects or carry psychological effects which in turn have economic 

consequences.

Examples of usage of Economic terrorism

Phil McNulty of the Unite Union accused the management of Ineos of Economic Terorism 

in April 2008 after it began temporarily shutting down 

its Grangemouth Refinery when faced with the prospect of Industrial Action. 

McNulty's implication being that Ineos was unfairly trying to use the potential 

economic impact of the shutdown to gain public support for their position. 

In contrast the company's management claim that faced with strike action 

they have no option but to shut down the site for safety reasons. 

The trade union themselves could be accused of Economic Terorism as they are 

attempting to use the significant economic impact of their strike to gain 

greater media and public awareness of their complaint. 

The use of the phrase Economic Terorism in this context is an example of sound 

byte media relations.