The rise of the Chinese EV industry has been enabled not only by generous government subsidies but also by profound changes in strategy and organization, and in particular by a distinctive revival of vertical integration—at both individual firm and national…

Few economic terms over the last few decades have been more influential than “austerity,” invoked by governments and financial institutions as a blanket solution for economic crises, and inspiring intense debate in the public sphere. Austerity, defined by economists as “a…