The discourse around U.S. sanctions, amidst President Trump’s focus on tariffs, underscores their significant role in America’s foreign policy arsenal. In Edward Fishman’s “Chokepoints: American Power in the Age of Economic Warfare,” the author explores how such economic tools became central to U.S. dominance and the potential decline of that power. Fishman, a former sanctions official, presents insights that weave together historical context and contemporary challenges.
Fishman’s work mirrors recent publications like Stephanie Baker’s “Punishing Putin,” which chronicles the aggressive economic tactics employed against Russia following its invasion of Ukraine. Meanwhile, Henry Farrell and Abraham Newman’s “Underground Empire” reveals the global networks underpinning these sanctions. Fishman effectively consolidates these narratives, presenting a clear guide to the evolution and implications of U.S. economic warfare.
Historically, geographical chokepoints defined the power dynamics among nations, as evidenced by Germany’s naval ambitions and China’s strategic canal considerations. Yet, the focus has shifted to financial chokepoints in today’s interconnected global economy. Fishman emphasizes how the U.S. transformed economic sanctions into powerful geopolitical maneuvers, leading to significant consequences for countries like Iran and Russia.
The U.S.’s recent sanctions on Russia highlight a pattern of escalating economic pressure, revealing an evolving strategy that has seen diminishing fears of repercussions domestically. However, longstanding experts like Treasury Secretary Jack Lew have cautioned against overextending sanctions power, warning that it may destabilize the effectiveness of U.S. influence over global financial systems.
As Washington leverages its financial clout, the unintended consequences of these actions manifest in a growing resistance from nations like China, Iran, and Russia. Their efforts to develop alternative payment systems signify the cracks appearing in the U.S.-dominated dollar regime. While threats of the dollar losing its power are somewhat exaggerated, shifts in global finance could result in long-term challenges for American economic warfare.
Fishman illustrates that with nations increasingly seeking alternatives to U.S. sanctions, the future of economic warfare may become constrained. As nations adapt and innovate around financial chokepoints, the realm of economic warfare could pivot back to traditional conflict methods. In a world of fractured alliances and competing interests, the delicate interconnectedness that has historically defined the global economy might soon give way to a more battleground-like scenario.
Fishman concludes that while economic warfare has had significant impacts, its effects could diminish if nations find sustainable workarounds to avoid U.S. sanctions. “Someday, the Age of Economic Warfare will end,” he warns, noting that the transition to a new era may go unnoticed, leaving us reflective of its once vital role.
Edward Fishman’s book, “Chokepoints: American Power in the Age of Economic Warfare,” delves into the pivotal role of U.S. sanctions in shaping geopolitical strategies. By tracing the history and dynamics of these economic tools, Fishman illuminates their implications for global power balance. He warns of the long-term risks associated with overusing sanctions, stressing the potential rise of alternatives that challenge U.S. financial dominance.
In essence, Fishman’s “Chokepoints” serves as a crucial examination of U.S. economic warfare and its potential to spur global shifts. As financial sanctions have deepened their historical roots in American strategy, the consequences are palpable – fostering resistance among targeted nations and raising questions about the sustainability of U.S. dominance in financial systems. This evolving landscape could ultimately reshape international relations and economic dynamics.
Original Source: foreignpolicy.com
