The Lawfare Podcast

A Weaponized World Economy with Henry Farrell and Abe Newman

Sep 20, 2023

The hosts discuss the weaponization of the global reserve currency by exploring the role of Walter Riston in weaponizing the world economy. They also analyze the legal institutions of the European Union and the use of economic statecraft for competitive advantage. The podcast explores how global networks revolutionize state surveillance capabilities and the challenges of balancing national security and economic interests. It discusses the complexity and consequences of the world economy and the importance of economic intelligence in decision-making.

56:26

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Episode guests

Henry Farrell

Abe Newman

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Episode notes

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Quick takeaways

The global economy has become a tool of coercion for states to battle with each other, leading to unintended consequences and potential suffering for innocent civilians.

Private actors, particularly financial institutions, have unwittingly become part of the structure that enables economic statecraft, creating power dynamics and potential state coercion.

There is a lack of a comprehensive strategic doctrine for using economic tools effectively, highlighting the need for clearer guidelines and international legal dialogues to prevent unintended consequences.

Deep dives

The weaponization of the global economy

In this podcast episode, political scientists Henry Farrell and Abe Newman discuss their book "Underground Empire: How America Weaponized the World Economy." They argue that the global economy has become a tool of coercion for states to battle with each other. They delve into the accidental emergence of economic statecraft and the challenges it poses in today's world. The discussion highlights the role of private actors within the international economy and the leverage they create for governments. The podcast also explores the unintended consequences of economic warfare, both for countries directly targeted by economic coercion and for countries impacted by secondary effects.

Introduction

2min

Weaponizing the World Economy: The Role of Walter Riston and Citibank

18min

Analysis of the Legal Institutions and Construction of the System

2min

Exploring the Use of Economic Statecraft for Competitive Advantage

3min

Surveillance Capabilities, Growing Businesses, and the Power of Information

3min

The Delineation Between National Security and Economic Interests

26min

The Complexity and Consequences of the World Economy

4min

Economic warfare isn’t a new concept. Protectionist policies, asymmetrical trade agreements, currency wars—those are just a few examples of the economic levers states have long used to control outcomes. But in their new book, two political scientists, Henry Farrell and Abe Newman, argue that a technological innovation spurred on by free market embracers and coopted by the U.S. was an accidental entry point into a new era of economic statecraft—an era whose precise contours and rules are still being ironed out today, as we are fighting in a so-called economic war. Lawfare Associate Editor Hyemin Han talked to them about how this weaponization came to be, how U.S. national security objectives are bleeding into economic warfare, and what policymakers might focus on in trying to ensure that the economic web that the U.S. currently sits at the center of is not ravaged by its own power.

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The Lawfare Podcast

A Weaponized World Economy with Henry Farrell and Abe Newman

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The weaponization of the global economy

The role of private actors in weaponizing the economy

The challenges of economic statecraft

Downstream effects and victims of economic warfare

The need for caution and guidance in economic statecraft

Remember Everything You Learn from Podcasts