The Iran war proves that U.S. economic coercion is weakening

As U.S. power in the world has slowly declined amid the rise of China and an increasingly multipolar world, the country has lost some of its ability to effectively use economics as a weapon.

The Iranian closure of the Strait of Hormuz has largely brought oil traffic to a halt, hitting petroleum-exporting countries hard. [Photo: Asghar Besharati/Getty Images]

Two months after the United States, along with Israel, launched a war against Iran, that conflict appears far from a lasting........

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