Conflict, capital and the new rules of economic warfare: Edward Fishman

Conflict, capital and the new rules of economic warfare: Edward Fishman

Hosted by Sam Gyimah

Edward Fishman is the New York Times bestselling author of Choke Points and one of the world's foremost experts on economic warfare. He served in the US State Department under President Obama, designing the landmark sanctions imposed on Russia and Iran, and has spent the last decade mapping how choke points — both geographic and economic — have become the primary instrument of power in the global order.

Sam Gyimah speaks with him about what this means for businesses, investors and governments navigating a world in which the rules of economic engagement have been fundamentally rewritten.

Drawing on his experience at the State Department and in subsequent research, Fishman explains why economic warfare has undergone a revolution: where imposing hard economic pain once required a naval blockade, today a single presidential signature can impose crippling pressure on any country in the world.

He argues that three conditions — dominant market share, difficulty of substitution, and asymmetric effect — must all be present for a choke point to function as a true weapon, and that understanding these criteria is now essential for every board and investment committee.

The conversation explores the geography of power from the Strait of Hormuz to semiconductor supply chains, the strategic calculation of middle powers like the UK and Europe as they seek leverage of their own, what genuine sovereignty means in a world of concentrated dependencies, and how businesses should map both the headwinds and the tailwinds that choke points create.

For business leaders, the core message is clear: geoeconomic analysis can no longer be confined to the dinner speech or the quarterly board update. Understanding your choke point exposure, as both a risk and an opportunity, is now a continuous operational imperative.

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with

SG& Capital Partners Ltd.

Music composed by: Sophie Sirota

For listener questions or business inquiries please email

info@thegeopoliticsofbusiness.com, and to contact SG& Capital Partners please email info@sgand.com.

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter.

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