I wouldn't call that economic power, I'd call it the effective application of limited economic resources to the development of ideological power. Semantic difference really, two descriptions of the same phenomenon.
Here I'd say that our task is less to attack an economic center of gravity than an ideological center of gravity. if the ideology is effectively undermined and loses its appeal, the economic resources dry up. Since the economic needs of jihad are really quite modest it will be difficult to close them off effectively.
To me the danger of the "smart power" construct lies in the assumption that since reliance on military power alone is seen within this construct as "not smart", any introduction of non-military elements will automatically make our use of power "smart". This is completely fallacious: any type of power and any combination of types of power can be used stupidly. There is no smart ratio of hard to soft power that applies universally. Smartness requires a realistic assessment of a problem and the selection of appropriate tools to solve that problem. Some problems may require all hard power, sopme all soft, some a blend, but in any case the outcome is only smart if it represents a realistic solution to the problem, based on an honest, detailed assessment devoid of ideological preconceptions.
Certainly we can agree that realism is desirable, and that ideology and preconception - politically correct or otherwise - generally obstruct realism. I'm sure we'd find a thing or two to disagree about as well, but that's not necessarily a bad thing.
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