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Dollar Hegemony · Economic Warfare · Geopolitics · Sanctions
Eddie Fishman's new book, "Chokepoints: American Power in the Age of Economic Warfare," analyzes the evolution and effectiveness of U.S. sanctions policy over the past two decades, highlighting the dollar's role as an economic chokepoint and drawing lessons from Iran, Russia, and China.
The book, discussed by Jordan Schneider, details the history of U.S. sanctions from Iraq and Cuba to Iran and Russia, explaining how Reagan's deal with the Saudis established the dollar as a critical economic chokepoint. Fishman's research confirms the "incredible success" of sanctions against Iran and suggests that this playbook could have been applied more effectively to punish Russia.
The analysis provides historical enforcement lessons directly relevant to current export controls targeting China. The article also addresses institutional challenges within economic warfare and the consequences of failing to reform, emphasizing the crucial role of civil servants like Stuart Levey, Daleep Singh, Victoria Nuland, and Matt Pottinger in building state power.
