The potential decline of economic warfare raises concerns about a return to traditional military conflicts, suggesting that economic strategies may not be sustainable in a multipolar world.

Following the events of September 11, the U.S. Treasury Department began leveraging the SWIFT financial messaging system to monitor terrorist financing, marking the politicization of economic entities.

The Obama administration further advanced this strategy by implementing 'secondary sanctions' that penalized foreign banks engaging with Iran, thereby expanding America's influence over international financial systems.

Fishman argues that the reliance on economic warfare has gained bipartisan support, with significant legislative backing for sanctions and economic measures against adversaries.

Despite its effectiveness, Fishman warns that economic warfare is self-limiting, as nations seek alternatives to U.S. economic tools, exemplified by China's digital currency and Russia's alternative financial systems.

Edward Fishman's book, 'Chokepoints: American Power in the Age of Economic Warfare,' delves into the intertwining of economic and political matters in modern international relations.

Continuing this trend, the Trump administration strengthened the Committee on Foreign Investment and utilized technology as a weapon against companies like Huawei.

In response to the Russian invasion of Ukraine, the Biden administration imposed comprehensive economic sanctions on major Russian banks and introduced price caps on Russian oil, further blurring the lines between economics and warfare.

The concept of 'economic warfare' underscores the importance of international trade in geopolitical competition and national security, introducing terms like 'de-risking,' 'decoupling,' and 'friendshoring.'

The Bush administration's sanctions against Iranian banks illustrated how the U.S. could leverage its financial system as a chokepoint against adversaries without resorting to military action.

Fishman, a Columbia professor and former government official, discusses the evolution of economic tools used by the U.S. government since the early 2000s to exert political leverage.

During the Obama era, restrictions on Chinese companies, such as ZTE, demonstrated how the U.S. could disrupt global tech supply chains to target competitors.