Why this book?
- It shows how power in the twenty-first century has shifted from armies to financial, technological and trade networks.
- It is an account from inside Washington, written by an author who helped design American sanctions policy.
- It sets the case studies of Iran, Russia and China side by side under a single logic.
- It also weighs the costs and long-term consequences of economic warfare, including rivals' efforts to bypass chokepoints.
- It helps the reader grasp the place of Iran and the Strait of Hormuz in the equations of global power.
About the book
The central idea of "Chokepoints" is that a country's power in the twenty-first century depends less on the size of its army or even its economy than on its position in the global economic network. The title is borrowed from strategic straits such as Hormuz, Suez and the Bosporus, passages through which a large share of world trade must pass. Fishman extends this logic to the modern economy and points to less visible chokepoints: the dollar and the international financial system, the network of banks and payments, capital markets, the supply chain for advanced chips, critical minerals, insurance and maritime shipping.
In the author's view, globalization has not only connected economies but also created intense dependencies among them. Any country that controls one of these points can use it as pressure without resorting to military force. A foreign bank that deals with a sanctioned entity may be forced to choose between that deal and access to the American market and financial system. Such pressure can take the form of sanctions, banking restrictions, asset freezes, export controls or cutting off access to technology.
A substantial part of the book is devoted to three case studies. On Iran, Fishman recounts how American policymakers moved from traditional sanctions to measures that also pressured banks and companies in third countries, a path that was part of the road to the nuclear negotiations and the 2015 agreement. On Russia, the book examines both the sanctions that followed the annexation of Crimea and the broader measures after the 2022 invasion, including the oil price cap, which relied on the dependence of the oil trade on shipping insurance. On China, the focus is on controlling access to advanced technologies and semiconductor manufacturing equipment. Because the author himself took part in designing some of these policies, the book combines historical analysis with a close account of decision-making behind the scenes in Washington.
The final section turns to the costs of this kind of power. Repeated use of economic tools gives rivals an incentive to reduce their dependence. Russia, China and Iran have tried to escape the pressure of these chokepoints through alternative routes, parallel payment networks and independent supply chains. Fishman stresses that the success of these tools is not permanent and that every attempt to bypass one chokepoint can create a new one. The tool that creates power in the short term may, in the long term, fragment the global economy.
The book suits readers interested in international politics, political economy, sanctions and Iran's place in the equations of global power. No specialist background is needed, since the concepts are explained through narrative and example.