In the last two decades, and in particular after the 9/11 attacks, the United States and its allies have had a near-monopoly on the use of coercive economic measures (sanctions, trade controls, investment restrictions, etc.) to achieve foreign policy objectives. This dominance has been grounded in the central role that the U.S. financial system, capital markets, and the U.S. dollar play in international trade and commerce.
But the most novel aspect of the recent cyberattack against Sony Pictures is that it demonstrates the proliferation of the weapons of economic warfare. Owing to the low cost of sophisticated tools for cyber exploitation….