Mark Knopflers sixth and seventh soundtracks, and the only two he wrote in the 1990s, were done back to back in 1997.

While Metroland was a relatively small British picture, Wag The Dog was a small American film with some enormous differences: an Oscar-winning director (Barry Levinson), an Oscar-nominated writer (David Mamet), and two Oscar-winning stars (Robert DeNiro and Dustin Hoffman). It was shot in less than a month on a shockingly-low budget of $15 million.

The original soundtrack is an incredibly brief 24 minutes long, including the title song. Recorded in Nashville, the musicians used were the same as on Knopflers 1996 Golden Heart album. While this is the most-widely reviewed movie of Knopflers soundtrack career, it is the one which nets him the fewest mentions. Stephen Thomas Erlewine, All Music Guide, writes Mark Knopfler wrote and performed the soundtrack to Barry Levinson's political satire Wag the Dog, and it is one of his best scores, alternately graceful and rootsy. Seven of the eight tracks are instrumental, with the last being reserved for the agreeably humorous single Wag the Dog."

E! Online (Entertainment Television) gives a glowing (if uncredited) review:

You want stirring orchestral strains? Call John Williams. Circus-like whimsy? Drop Danny Elfman a line. But if you need evocative, gently satirical folk-rock to bring your film to life, you can't beat Knopfler. Though he hasn't been as busy composing soundtracks in the '90s as he was in the mid-'80s (when he scored Local Hero, Cal, Comfort and Joy and The Princess Bride), the Dire Straits frontman certainly hasn't lost his touch. From his sly vocal turn on the "96 Tears"-like title track to the lovely, varying moods he creates on this mini-album's other seven tracks (especially the lovely, flamenco-inflected "An American Hero"), Wag the Dog is first-rate Knopfler. It's not earth-shattering stuff, but it's a small wonder to hear him sketch such scintillating scenes with his guitar.

The Mercury Records CD soundtrack (314 536 864-2) is out of print, but can be purchased used from a variety of online sources. It contains seven instrumentals and the title tune with Knopflers vocal. (It should be noted that Knopfler did not write the song The American Dream, which is featured in the film. Tom Bahler, who actually co-wrote We Are The World, wrote the fictional all-star anthem.)