It's time. Long past time. The best strategy to end the increasingly bloody occupation is for Israel to become the target of the kind of global movement that put an end to apartheid in South Africa. In July 2005 a huge coalition of Palestinian groups laid out plans to do just that. They called on "people of conscience all over the world to impose broad boycotts and implement divestment initiatives against Israel similar to those applied to South Africa in the apartheid era". The campaign Boycott, Divestment and Sanctions was born.

Every day that Israel pounds Gaza brings more converts to the BDS cause - even among Israeli Jews. In the midst of the assault roughly 500 Israelis, dozens of them well-known artists and scholars, sent a letter to foreign ambassadors in Israel. It calls for "the adoption of immediate restrictive measures and sanctions" and draws a clear parallel with the anti-apartheid struggle. "The boycott on South Africa was effective, but Israel is handled with kid gloves ... This international backing must stop."

Yet even in the face of these clear calls, many of us still can't go there. The reasons are complex, emotional and understandable. But they simply aren't good enough. Economic sanctions are the most effective tool in the non-violent arsenal: surrendering them verges on active complicity.(...) The world has tried what used to be called "constructive engagement". It has failed utterly. Since 2006 Israel has been steadily escalating its criminality: expanding settlements, launching an outrageous war against Lebanon, and imposing collective punishment on Gaza through the brutal blockade. Despite this escalation, Israel has not faced punitive measures - quite the opposite. The weapons and $3bn in annual aid the US sends Israel are only the beginning. Throughout this key period, Israel has enjoyed a dramatic improvement in its diplomatic, cultural and trade relations with a variety of other allies. For instance, in 2007 Israel became the first country outside Latin America to sign a free-trade deal with the Mercosur bloc. In the first nine months of 2008, Israeli exports to Canada went up 45%. A new deal with the EU is set to double Israel's exports of processed food. And in December European ministers "upgraded" the EU-Israel association agreement, a reward long sought by Jerusalem.

It is in this context that Israeli leaders started their latest war: confident they would face no meaningful costs. It is remarkable that over seven days of wartime trading, the Tel Aviv Stock Exchange's flagship index actually went up 10.7%. When carrots don't work, sticks are needed.