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…

In April 2021, private investors gathered at B3, Brazil’s stock exchange, to bid for water concessions in Rio de Janeiro. The former capital city and its surrounding municipalities had been divided into four “concession blocks,” all of which were up…