Chokepoints: American Power in the Age of Economic Warfare

Episode 151 of the Irregular Warfare Podcast explores how the United States wields power not only through military force, but through dollars, sanctions, export controls, and supply chains. Anchored in Eddie Fishman’s book Chokepoints: American Power in the Age of Economic Warfare, this episode examines the rise of economic statecraft as a central feature of great power competition. Drawing on the firsthand experiences of former Treasury Secretary Jack Lew and former Deputy National Security Advisor Daleep Singh, the conversation unpacks key concepts such as dollar dominance, sanctions design, and the hidden “chokepoints” embedded within global finance and technology that give the United States asymmetric leverage. Through case studies on Iran, Russia, and China, the guests assess both the power and the limits of economic warfare. Sanctions can bring adversaries to the negotiating table—but only when aligned with clear political objectives, coalition support, and careful calibration to avoid self-inflicted harm. In the strategic competition with China, export controls on foundational technologies reflect a shift from coercing behavior to preserving relative advantage. The episode ultimately argues that economic tools must be treated with the same rigor as military force: grounded in legitimacy, disciplined in execution, and guided by a coherent doctrine for an era of geo-economic rivalry.