In recent years, the United States has increasingly harnessed its economic power as a means of global influence, reshaping the landscape of international relations. This strategic shift is particularly well-articulated in Edward Fishman’s bestseller, “Chokepoint,” which posits that economic warfare has become America’s weapon of choice for exerting dominance over adversaries like Iran, Russia, and China.
### Economic Warfare: A New Paradigm
Historically, military force was the primary tool for achieving geopolitical objectives. However, Fishman’s analysis presents a significant departure from this approach. He argues that American power in the 21st century relies on a sophisticated system of economic sanctions, export controls, and financial coercion. With every U.S. president in the 21st century doubling their predecessor’s use of sanctions, it becomes clear that economic warfare has emerged as a defining characteristic of American statecraft.
The trend is bipartisan—spanning administrations from George W. Bush to Barack Obama, Donald Trump, and Joe Biden. Each administration has not only increased the frequency of sanctions but has also expanded their scope to encompass allies alongside traditional adversaries.
### The Dollar as America’s Superweapon
At the core of American economic dominance lies the dollar-based financial system. Approximately 90% of global foreign exchange transactions involve the dollar, providing the U.S. with unparalleled leverage over international markets. This financial supremacy enables the U.S. to impose significant costs on countries like Iran, simply by threatening their exclusion from this financial system.
The implications of this are profound: unlike traditional military confrontations that require physical presence, this form of economic warfare operates in the shadows—making it both more powerful and more insidious. The ability to impose sanctions effectively chokes off economic lifelines without firing a single shot.
### Missteps in Strategy
Fishman’s critique of the Trump administration serves as a cautionary tale about the potential pitfalls of economic warfare. Trump’s approach involved levying tariffs against allies such as Europe and Canada, rather than focusing exclusively on adversaries. By doing so, he inadvertently weakened relationships with traditional partners and complicated the U.S. position in global trade.
Additionally, Trump’s reliance on tariffs—as opposed to targeting the genuine economic chokepoints where the U.S. holds sway—has been questioned. While tariffs impact only about 13% of global imports, America dominates larger segments of critical markets such as advanced AI chips and foreign exchange transactions.
### The Human Cost of Sanctions
It’s essential to recognize that economic warfare isn’t a bloodless alternative to military action. Sanctions often lead to widespread macroeconomic harm, resulting in issues such as inflation, unemployment, and currency debasement. Fishman warns that these tools should be reserved for scenarios where national security interests are genuinely at stake—such as curtailing Russian aggression in Ukraine—rather than for routine diplomatic maneuvering.
The social and economic suffering inflicted by sanctions can have lasting consequences, eroding the moral high ground that the U.S. aims to uphold on the global stage.
### The Geoeconomic Impossible Trinity
One of the most critical arguments Fishman presents is the “Geoeconomic Impossible Trinity.” This concept posits that it is impossible for economic interdependence, economic security, and geopolitical competition to coexist harmoniously. As tensions rise between the U.S. and adversaries like China and Russia, it is inevitable that economic interdependence will decline.
History shows us that when nations cannot secure vital resources through trade, they often turn to conquest. As economic warfare continues to escalate in intensity and scope, we may find ourselves in a precarious situation where the risk of military conflict increases.
### The Future of American Economic Warfare
The implications of this shift towards economic dominance are significant. As the U.S. leans more heavily on sanctions and economic pressure, allies and adversaries alike must navigate a complex web of interdependencies and competing interests. Countries may seek to develop alternative systems that lessen their reliance on the dollar, potentially leading to a fragmented global financial landscape.
Moreover, the U.S. must grapple with the consequences of its economic strategies and their broader impacts on international relations. The balance between maintaining economic strength, securing national interests, and avoiding unnecessary human suffering is delicate and requires careful deliberation.
### Conclusion
The transformation of the American approach to global dominance—from military might to economic leverage—is redefining international relations in the 21st century. While economic warfare offers powerful tools for statecraft, it also presents myriad challenges that must be navigated with caution. As the U.S. continues to wield its economic power, the potential for unintended consequences looms large, and the world is watching closely. The ultimate test will be whether the U.S. can maintain its strategic goals without igniting conflicts that could spiral out of control.
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