it’s hard to imagine a more severe peacetime shock to supply chains than what the industry has survived since early 2020. The substantial increase in chip production during both 2020 and 2021 is not a sign that multinational supply chains are broken. It’s a sign that they’ve worked. Nevertheless, governments should think harder about semiconductor supply chains than they used to. The real supply chain lesson of the past few years is not about fragility but about profits and power. Taiwan’s extraordinary ascent shows how one company—with a vision and with government financial support—can remake
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