A New Era of Economic Warfare | Shield of the Republic

Eliot and Eric welcome Edward Fishman, Senior Research Fellow at the Center on Global Energy Policy and Adjunct Professor of International and Public Affairs at Columbia University's SIPA program and author of Chokepoints: American Power in The Age of Economic Warfare (New York: Portfolio/Penguin, 2025). They discuss the American tradition of reaching for economic sanctions as an alternative to kinetic military action or war and how U.S. policymakers have weaponized the role of the dollar in international finance to U.S. advantage as well as export controls like the Foreign Direct Product rule that weaponize U.S. cutting edge technologies. They discuss how these tools, if used inappropriately, can backfire as they arguably did in the early 1800s with the Non-Intercourse Act and the Embargo under Jefferson and Madison as well as the scrap metal and oil embargoes against Imperial Japan in 1940-1941. They consider the record of economic warfare in bringing Iran to the table for the negotiations on the Iran nuclear deal (JCPOA), as a deterrent to Russian military action against Ukraine in 2014 and 2022 and then as tools of attrition against the Russian war effort, as well as in the ongoing strategic competition with China. Finally, they consider whether we should see sanctions and economic warfare as limited tools that can achieve limited goals as opposed to fundamentally changing the behavior of America's authoritarian adversaries.

Shield of the Republic is a Bulwark podcast co-sponsored by the Miller Center of Public Affairs at the University of Virginia.

Chokepoints: American Power in the Age of Economic Warfare:

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