The Collaborative International Dictionary of English v.0.48:

brinkmanship \brink"man*ship\, brinksmanship \brinks"man*ship\n.
   [brink + -manship. (1956).]
   the policy or practise of pushing a dangerous situation to
   the brink of disaster (to the limits of safety), in order to
   achieve the most advantageous outcome; -- used especially of
   diplomatic maneuvers in crisis situations, and originally
   applied to the policies of John Foster Dulles under President
   Eisenhower.
   [WordNet 1.5 +PJC]

WordNet (r) 3.0 (2006):

brinkmanship
    n 1: the policy of pushing a dangerous situation to the brink of
         disaster (to the limits of safety)