Edward Fishman argues that the global economy has entered a new era defined not by cooperation, but by economic warfare, where countries weaponize trade, finance, and supply chains to gain strategic advantage. While this shift is often framed as a clash between major powers, Fishman emphasizes that all nations—large and small—are increasingly vulnerable, fueling a global race to both build leverage and protect against it.
At the center of this new landscape are economic “chokepoints”—areas where one country holds dominant control, substitutes are limited, and pressure can be applied with minimal self-harm. The U.S. dollar, advanced semiconductors, and China’s rare earth supply are key examples. However, Fishman warns that not all dependencies qualify as true chokepoints, and misusing economic tools like tariffs can weaken influence without achieving strategic goals.
The article also highlights a critical dilemma: the more the United States weaponizes its economic power, the more other countries work to reduce their reliance on it, gradually eroding American leverage over time. Efforts by China and Europe to build alternative financial systems and reduce dependence on U.S. technology reflect this growing shift.
Fishman argues that effective economic strategy requires clarity of purpose—whether to signal disapproval, weaken adversaries, or coerce behavior—and warns against incremental escalation, which often gives rivals time to adapt. He also stresses that economic warfare is ultimately a test of endurance, requiring political will and public support to sustain the costs of conflict.
Looking ahead, Fishman contends that the United States must adopt a more disciplined and coordinated approach, working closely with allies to reduce vulnerabilities without triggering global fragmentation. The future global economy, he suggests, will not be fully unified—but if managed strategically, a system of aligned economic blocs could preserve both security and prosperity.
Edward Fishman is one of the world’s foremost experts on economic statecraft, with deep experience shaping U.S. foreign policy. His New York Times–bestselling book Chokepoints: American Power in the Age of Economic Warfare is widely regarded as definitive and essential to understand how sanctions, tariffs, and export controls are reshaping the world. A Columbia University scholar, he brings sharp, timely insights into how economic warfare is transforming geopolitics and the business landscape. His ability to translate complex global dynamics into compelling narratives makes him a standout keynote speaker for any audience. Contact us today to learn more.
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