The Biden administration has built an unprecedented machine for economic and technological coercion. When Russia invaded Ukraine, the United States and its allies cut off Russia’s access to its own central bank reserves held outside Russia. The administration revamped export controls to strangle China’s access to the powerful and specialized semiconductors needed to train A.I., ...

What is the relationship between domestic and international politics in a world of economic interdependence? This article discusses and organizes an emerging body of scholarship, which the authors label the new interdependence approach, addressing how transnational interactions shape domestic institutions and global politics in a world of economic interdependence. This literature makes three important contributions. First, ...