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 an entire industry. Meanwhile, U.S. restrictions on China’s access to chip technology demonstrate just how powerful the chip industry’s choke points are. The rise of China’s semiconductor industry over the past decade, however, is a reminder that these choke points are not infinitely durable. Countries and governments can often find ways around choke points, though doing so is
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