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…

When the Federal Reserve turned to unconventional monetary policy in 2008, many feared that we would soon see a return to the wage-price spiral of the 1970s. The combination of deficit spending and monetary ease raised the old specter of…