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Chokepoints: American Power in the Age of Economic Warfare
The secret history of how America turned the world economy into a weapon
It used to be that roiling another country’s economy required blockading its ports and laying siege to its cities. Now all it takes is a statement posted online by the U.S. government.Ìý
In Chokepoints, Edward Fishman, a former top-ranking State Department sanctions official and current senior research scholar at Columbia University, takes us deep into the back rooms of power to reveal the secret history of the last two decades of U.S. foreign policy, in which Washington turned the gospel of globalization on its head and transformed the world economy into a battlefield. Fishman tells the epic story of how renegades within the U.S. government built a powerful new arsenal of economic sanctions—and how an unbroken string of American presidents has relied on these mysterious weapons to confront the country’s greatest national-security threats, for good and for ill.
Taking inspiration from books such as Fareed Zakaria’s The Post-American World and Robert Kagan’s Of Paradise and Power, Fishman offers a thrilling account of one of the most crucial geopolitical subjects of our time, demystifying the intricate strategies the U.S. government uses to manipulate Wall Street, Silicon Valley, and Big Oil to advance American interests. Fishman tells the story through the eyes of an eclectic group of bureaucratic the diplomats, lawyers, and financial whizzes who’ve masterminded America’s escalating economic wars against Iran, Russia, and China.
Economic warfare has become the primary way the United States seeks to solve global problems and deter its enemies. Sometimes it has achieved spectacular success, other times bitter failure, but the result we’re living with today is a new world an economic arms race among great powers and a fracturing global economy. Chokepoints is the definitive account of how America has pioneered this new, hard-hitting style of economic warfare, and what it means for the world.
It used to be that roiling another country’s economy required blockading its ports and laying siege to its cities. Now all it takes is a statement posted online by the U.S. government.Ìý
In Chokepoints, Edward Fishman, a former top-ranking State Department sanctions official and current senior research scholar at Columbia University, takes us deep into the back rooms of power to reveal the secret history of the last two decades of U.S. foreign policy, in which Washington turned the gospel of globalization on its head and transformed the world economy into a battlefield. Fishman tells the epic story of how renegades within the U.S. government built a powerful new arsenal of economic sanctions—and how an unbroken string of American presidents has relied on these mysterious weapons to confront the country’s greatest national-security threats, for good and for ill.
Taking inspiration from books such as Fareed Zakaria’s The Post-American World and Robert Kagan’s Of Paradise and Power, Fishman offers a thrilling account of one of the most crucial geopolitical subjects of our time, demystifying the intricate strategies the U.S. government uses to manipulate Wall Street, Silicon Valley, and Big Oil to advance American interests. Fishman tells the story through the eyes of an eclectic group of bureaucratic the diplomats, lawyers, and financial whizzes who’ve masterminded America’s escalating economic wars against Iran, Russia, and China.
Economic warfare has become the primary way the United States seeks to solve global problems and deter its enemies. Sometimes it has achieved spectacular success, other times bitter failure, but the result we’re living with today is a new world an economic arms race among great powers and a fracturing global economy. Chokepoints is the definitive account of how America has pioneered this new, hard-hitting style of economic warfare, and what it means for the world.
555 pages, Kindle Edition
First published February 25, 2025
220 people are currently reading
3,445 people want to read
About the author
Edward Fishman
2Ìýbooks22ÌýfollowersEdward Fishman teaches at Columbia University’s School of International and Public Affairs and is a senior research scholar at the Center on Global Energy Policy. He previously served at the U.S. State Department, the Pentagon, and the Treasury Department, earning multiple awards for his contributions to U.S. foreign policy. His writing has appeared in The New York Times, The Wall Street Journal, The Washington Post, Foreign Affairs, Politico Magazine, and Boston Review, among other publications. A native of Bryn Mawr, Pennsylvania, he lives in New York City with his wife and two children.
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Displaying 1 - 24 of 24 reviews
March 19, 2025
Excellent take on one of the most important subjects of our times. It’s a necessary read for anyone who is even vaguely interested in the world we live in.
The authors has had incredible access to all the major players and we always feel like the proverbial fly on the wall. Without neglecting how the sausage is made, Fishman is particularly good at pointing out the intellectual exercise necessary to develop the doctrine and the tools of this new weapon. He’s particularly good the junctures between one campaign and the next, he shows how the tools developed by Washington against Iran were then reused and gradually changed for the effort against Moscow and how these same tools were then used and changed against Beijing.
He’s a little lighter on the sort of world these tools are creating but, then again, that world has only just started to take shape.
The warnings he raises at the end unfortunately have not been heeded and now� well�
From a European pov the book is also a wake up call it shows quite how secondary the EU has been for years in that great game. More generally, it’s also a fantastic reminder that through timidity and lack of resolve, the West has brought the current situation upon itself.
The authors has had incredible access to all the major players and we always feel like the proverbial fly on the wall. Without neglecting how the sausage is made, Fishman is particularly good at pointing out the intellectual exercise necessary to develop the doctrine and the tools of this new weapon. He’s particularly good the junctures between one campaign and the next, he shows how the tools developed by Washington against Iran were then reused and gradually changed for the effort against Moscow and how these same tools were then used and changed against Beijing.
He’s a little lighter on the sort of world these tools are creating but, then again, that world has only just started to take shape.
The warnings he raises at the end unfortunately have not been heeded and now� well�
From a European pov the book is also a wake up call it shows quite how secondary the EU has been for years in that great game. More generally, it’s also a fantastic reminder that through timidity and lack of resolve, the West has brought the current situation upon itself.
March 9, 2025
With all the discussions about tariffs and sanctions this book is a must read. Very informative and easy to take in. The author does an outstanding job producing a book that is consumable by the average person.
April 6, 2025
Arguably the most dense book a person can read in regards to foreign economic policy that is also easily accessible at the same time. The language is easy to digest, but it's hard to keep track and remember everything due to so much information. This book was also an eye opener on how bad the current administration is at handling its macroeconomic policies.
March 16, 2025
This is the exact book I needed to better understand the last 15 years of geopolitics when it felt like both a lot, and not that much, was happening. Really, really fun read and I learned a ton.
March 6, 2025
Chokepoints is a must-read exploration of the growing economic wars and their influence on global security, economics, and geopolitics. The book is both timely and timeless, and the writing is both engaging and deeply informative—making complex geopolitical issues accessible to any reader.
The author masterfully blends history, economics, and first-hand experience to show how vital economic chokepoints (waterways, the USD, telecom hardware, et al) are becoming growing leverage points in international relations—especially with the new authoritarian axis of Russia, China, and Iran.
What makes this book stand out is the author’s ability to take complex geopolitical issues and present them in a clear, engaging, and thought-provoking way. His expertise in foreign policy is evident, and he writes in a way that is accessible to both experts and casual readers alike by showing us an insider’s view of the black box of policymaking through compelling stories and the people behind them.
While geopolitical and economics books can be dense, this book is far from it. Chokepoints reads as a novel more akin to a beach read than a textbook. The writing reminds me of Michael Lewis or Malcolm Gladwell.
Required reading for everyone � whether you’re a diplomat, farmer, entrepreneur, or investor. Highly recommended!
The author masterfully blends history, economics, and first-hand experience to show how vital economic chokepoints (waterways, the USD, telecom hardware, et al) are becoming growing leverage points in international relations—especially with the new authoritarian axis of Russia, China, and Iran.
What makes this book stand out is the author’s ability to take complex geopolitical issues and present them in a clear, engaging, and thought-provoking way. His expertise in foreign policy is evident, and he writes in a way that is accessible to both experts and casual readers alike by showing us an insider’s view of the black box of policymaking through compelling stories and the people behind them.
While geopolitical and economics books can be dense, this book is far from it. Chokepoints reads as a novel more akin to a beach read than a textbook. The writing reminds me of Michael Lewis or Malcolm Gladwell.
Required reading for everyone � whether you’re a diplomat, farmer, entrepreneur, or investor. Highly recommended!
April 3, 2025
Great job of making a complex issue understandable while telling as a story. Thoroughly researched and thoughtfully analyzed, Fishman is a talent and a breath of fresh air if you like the politics of economic power. Surprisingly easy read that I thought would be boring but is anything but. Really couldn’t put it down.
March 27, 2025
This is my wheelhouse and I’m still so happy this book was written
March 25, 2025
An interesting, deeply informed look into how the U.S. wields economic power in the 21st century. Fishman expertly weaves together history, policy, and strategy to explain the rise of financial warfare and the critical role of the dollar in global affairs. Highly recommended for anyone interested in international relations, economics, or national security.
March 18, 2025
What a great book.So easy to follow, it grabs your attention from the first st page. it's chronologically told which brings clarity to the unfolding of history. I highly recommend it as an audiobook or the hard cover.
I can not wait for Mr. Fishman next book.
I can not wait for Mr. Fishman next book.
March 12, 2025
This book is a skeleton key to understanding what’s happening in the world today, from the tech war with China to Russia’s war in Ukraine. Best book on geopolitics I’ve ever read� and it reads like a novel!
April 1, 2025
Edward Fishman’s “Chokepoints: American Power in the Age of Economic Warfare� is a riveting exploration of how the United States has transformed the global economy into a potent weapon for confronting geopolitical adversaries. Fishman, a former top sanctions official at the U.S. State Department, combines insider knowledge with scholarly analysis to deliver a dramatic narrative about America’s use of economic tools against nations like Russia, China, and Iran. The book traces the evolution of economic warfare, revealing how successive U.S. administrations have exploited chokepoints—such as dominance in global finance, advanced technology, and energy supply chains—to exert influence on the world stage. Fishman takes readers behind closed doors, introducing the diplomats, lawyers, and financial experts who pioneered these strategies. His account is both thrilling and accessible, offering insights into the successes and failures of sanctions as a foreign policy tool. What sets “Chokepoints� apart is its ability to synthesize complex geopolitical shifts into a compelling story. Fishman demystifies the mechanisms behind America’s economic power, from leveraging the U.S. dollar to controlling microchip technology. He argues that these tools have reshaped international relations, creating an era of economic arms races and fractured global systems. The narrative is enriched by vivid anecdotes and strategic lessons that are crucial for policymakers and business leaders alike. While other books on economic warfare delve into specific aspects—like oligarchs or financial networks—Fishman’s work stands out for its holistic approach. It not only explains how America gained its outsized economic power but also examines the risks of overusing it. His recommendations for navigating this new era make “Chokepoints� indispensable reading for anyone seeking to understand the future of global power dynamics. In sum, “Chokepoints� is a masterful blend of history, strategy, and storytelling that illuminates one of the most critical developments in modern geopolitics. It is both urgent and engrossing—a must-read for scholars, policymakers, and curious minds alike.
April 15, 2025
This is a must read. A remarkable tale of the recent history around how the U.S. has deployed economic leverage to deliver international policy priorities and attempt to change behavior. This is the seminal recounting of the past two decades of U.S. international economic engagement to manage large geopolitical risks. I cannot recommend this book more highly. It is well written, well reported and so clear.
April 13, 2025
Well writing, smart, and captivating. Covering complex topics like the global economy and U.S. economic warfare is no easy feat, but Chokepoints is able to construct a narrative which keeps it from becoming bogged down in the details. It would have been nice to get a little bit more information on other nations� actions (especially China’s abuse of the WTO in the 90s and 00s), but that small issue barely registers when the book does so much right.
March 28, 2025
Clearly explains not only that sanctions can work but also informs the reader that the details really matter in foreign policy. Also worth reading alone for the history of the Russia-Ukraine conflict.
April 19, 2025
Key takeaways:
1. The U.S. Dollar Replaces the Gold Standard as Global Reserve
� After WWII and especially post-1971 (Nixon ends gold convertibility), the U.S. dollar becomes the global reserve currency.
� Most countries now hold reserves in USD and conduct international trade using dollars—even if neither country is the U.S. (e.g., India buys from UAE using dollars).
� This gives the U.S. immense financial power, particularly through its control of dollar-based financial systems and institutions.
�
2. The Power of SWIFT and Sanctions (Iran Case Study)
Iran Timeline of Economic Isolation:
� 1979: U.S. freezes Iranian assets after revolution.
� 1990s�2000s: U.S. passes laws like ILSA to punish foreign firms doing business with Iran.
� 2012 & 2018: U.S. and EU pressure SWIFT to disconnect Iranian banks � Iran is locked out of the global financial system.
Consequences for Iran:
� No SWIFT = No payment for oil or imports � Oil revenues plunge.
� Foreign reserves trapped abroad � Can’t access dollars or euros.
� Currency devaluation (rial) � Inflation surges, import prices skyrocket.
� Protests & domestic unrest driven by economic hardship.
� Even European firms comply with U.S. sanctions to avoid being locked out of dollar markets (showing the dollar’s reach).
�
3. Russia: Sanctions, Oil, and Financial Isolation (2014�2015)
Crisis Trigger:
� 2014 Crimea annexation � U.S. and EU impose sectoral sanctions.
Sanction Strategy:
� Cut major Russian banks off from Western debt markets.
� Block oil firms from getting Western tech and capital.
� Ban long-term dollar and euro borrowing.
Impact:
� Ruble collapses, inflation rises, capital flight accelerates.
� Oil price drop compounds crisis � Russia enters recession.
� Central bank raises rates to stabilize currency, but economy contracts.
�
4. Alternatives to the Dollar & SWIFT:
To resist U.S. financial pressure, countries develop non-dollar and non-SWIFT systems:
China & Russia:
� CIPS (China) and SPFS (Russia) as SWIFT alternatives.
� Push for bilateral trade in local currencies (e.g., India-Russia oil in rupees).
� Create “special accounts� to settle trade without using dollars or euros.
�
5. Limits of Sanctions & Strategic Pushback:
� Domestic resistance (local industries don’t want to lose trade).
� Foreign competitors (e.g., China) swoop in and fill the gap.
� With Russia, full oil bans were avoided to prevent global market collapse.
�
6. China’s Industrial Strategy vs. Western Sanctions Model
� China uses a bottom-up industrial strategy:
� Dominate low-margin industries, earn capital.
� Invest in R&D and tech, sometimes with IP theft and state subsidies.
� Move up the value chain to challenge Western firms.
1. The U.S. Dollar Replaces the Gold Standard as Global Reserve
� After WWII and especially post-1971 (Nixon ends gold convertibility), the U.S. dollar becomes the global reserve currency.
� Most countries now hold reserves in USD and conduct international trade using dollars—even if neither country is the U.S. (e.g., India buys from UAE using dollars).
� This gives the U.S. immense financial power, particularly through its control of dollar-based financial systems and institutions.
�
2. The Power of SWIFT and Sanctions (Iran Case Study)
Iran Timeline of Economic Isolation:
� 1979: U.S. freezes Iranian assets after revolution.
� 1990s�2000s: U.S. passes laws like ILSA to punish foreign firms doing business with Iran.
� 2012 & 2018: U.S. and EU pressure SWIFT to disconnect Iranian banks � Iran is locked out of the global financial system.
Consequences for Iran:
� No SWIFT = No payment for oil or imports � Oil revenues plunge.
� Foreign reserves trapped abroad � Can’t access dollars or euros.
� Currency devaluation (rial) � Inflation surges, import prices skyrocket.
� Protests & domestic unrest driven by economic hardship.
� Even European firms comply with U.S. sanctions to avoid being locked out of dollar markets (showing the dollar’s reach).
�
3. Russia: Sanctions, Oil, and Financial Isolation (2014�2015)
Crisis Trigger:
� 2014 Crimea annexation � U.S. and EU impose sectoral sanctions.
Sanction Strategy:
� Cut major Russian banks off from Western debt markets.
� Block oil firms from getting Western tech and capital.
� Ban long-term dollar and euro borrowing.
Impact:
� Ruble collapses, inflation rises, capital flight accelerates.
� Oil price drop compounds crisis � Russia enters recession.
� Central bank raises rates to stabilize currency, but economy contracts.
�
4. Alternatives to the Dollar & SWIFT:
To resist U.S. financial pressure, countries develop non-dollar and non-SWIFT systems:
China & Russia:
� CIPS (China) and SPFS (Russia) as SWIFT alternatives.
� Push for bilateral trade in local currencies (e.g., India-Russia oil in rupees).
� Create “special accounts� to settle trade without using dollars or euros.
�
5. Limits of Sanctions & Strategic Pushback:
� Domestic resistance (local industries don’t want to lose trade).
� Foreign competitors (e.g., China) swoop in and fill the gap.
� With Russia, full oil bans were avoided to prevent global market collapse.
�
6. China’s Industrial Strategy vs. Western Sanctions Model
� China uses a bottom-up industrial strategy:
� Dominate low-margin industries, earn capital.
� Invest in R&D and tech, sometimes with IP theft and state subsidies.
� Move up the value chain to challenge Western firms.
April 21, 2025
Chokepoints stands out for being a fairly detailed yet surprisingly engaging overview of geopolitical dynamics--the first economics book I have read in a while that I would describe as a page-turner. The core topic of the book is somewhat specialized: the arsenal of sanctions that the U.S. and the rest of the G7 have developed wielded with surprisingly efficacy over the past two decades. As a humble lay person when it comes to economic policies and current events, the extent of my knowledge about this topic was to be vaguely aware that economic sanctions exist and can be occasionally "raised" or "lowered" for achieving various ends.
The most educational contribution of the book, for me, was to quite thoroughly and coherently elaborate on the many, many nuances of this type of warfare: the challenges of enforcement, the politics of international cooperation, the sensitivity of global markets. In the hands of a less capable author, these might not be the most engaging of topics. However, Fishman does an excellent, excellent job at weaving in plenty of spice and intrigue. Not only did he provide a perfect amount of geopolitical context across the diverse battlegrounds of Iran, Russia, and China, he also succeeded in constructing memorable profiles of the statesmen and technocrats calling the shots. Overall, this book is exactly what any book of its kinds should be: an engaging and consequential description of the world in which we live.
The most educational contribution of the book, for me, was to quite thoroughly and coherently elaborate on the many, many nuances of this type of warfare: the challenges of enforcement, the politics of international cooperation, the sensitivity of global markets. In the hands of a less capable author, these might not be the most engaging of topics. However, Fishman does an excellent, excellent job at weaving in plenty of spice and intrigue. Not only did he provide a perfect amount of geopolitical context across the diverse battlegrounds of Iran, Russia, and China, he also succeeded in constructing memorable profiles of the statesmen and technocrats calling the shots. Overall, this book is exactly what any book of its kinds should be: an engaging and consequential description of the world in which we live.
April 25, 2025
Airport bookstore finds, saw the book in Copenhangen airport bookstore a few weeks ago and as the new US Tariffs war was at it's peak then felt interest to pick it up. It's a loaded topic so reading the book raises the question what biases it might have embedded (written by US research scholar with history in US State Department, Pentagon and Treasury Department). It's definitely written mostly from US perspective and in specific areas I felt some assumptions, but in summary they seemed to fell to both sides (how sanctions and tariffs initially worked with Iran, but then not so much with Russia or China). It's quite good context for making sense of the mechanics behind the tariffs bingo that current US administration seems to be playing. It lists the most significant periods where sanctions and tariffs have been used, what types of choke points amplify them and also what risks are imposed to US own economy when using those "tools". Some indirect effects like secondary sanctions are also explained in detail.
“A nation that is boycotted is a nation that is in sight of surrender,� Wilson declared. “Apply this economic, peaceful, silent, deadly remedy and there will be no need for force.�
“A nation that is boycotted is a nation that is in sight of surrender,� Wilson declared. “Apply this economic, peaceful, silent, deadly remedy and there will be no need for force.�
March 17, 2025
This book was a disappointment. The basic premise, that economic warfare is a little understood but valuable instrument, could easily have been proven in 80-100 pages. The remaining 400 pages are therefore extraneous fluff. The book leaves the reader asking many first order questions which the author alluded to, but did not address . . . If Sanctions are such an asymmetric advantage, why didn’t the United States use them before the 2000s? What does classic economic theory say about sanctions? What might be the second and third order effects of Americas use of sanctions? These are the most interesting questions, but ones which the author seems to stop short of addressing.
March 26, 2025
An awesome book on the recent history of economic warfare. Fishman makes the argument that using so-called chokepoints in the economy can help prevent wars and let the US project its power without the need for military action. He reveals the inside story of the various economic sanction regimes starting in the 1990s with Iraq, and then charting the history through Iran, North Korea, Russia and China. This is absolutely fascinating and has more than enough technical depth for a finance nerd, but written in an engaging tone that makes the reader think they are in the middle of a global thriller instead of an economics textbook.
April 15, 2025
A tremendous feat. Fishman wrote this over years and did hundreds of interviews, culminating in this moment of impeccable timing. In a period of intense financial volatility and upheaval, Mr. Fishman steeps us in the history of capital markets and writes a brilliant contemporary history of how financial groundwork enabled the US to levy sanctions scalable � but with clear costs. A must-read for anyone who wants to understand 2025 and thrive in the years to come. Bravo!
March 27, 2025
covered here:
March 2, 2025
Haven't started this one yet, because I am reading two books at the moment. It arrived in excellent condition and I can't wait to dive into it.
April 16, 2025
Solid, kept politics out until tik the last few chapters.
April 17, 2025
Such a page-turner, would be a fantastic action novel except it’s real life. Everyone should read this to understand the times we live in.
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