April 11, 2024
AnalysisThe Electric Vehicle Developmental State
BYD exemplifies transformations in Chinese industrial policy
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…
Varieties of Derisking
Industrial policy, macrofinance, and the green transition
In recent years, the debate over climate policy has moved away from the earlier consensus in favor of carbon pricing and towards an investment-focused approach, illustrated by the passage of the Inflation Reduction Act (IRA), along with other similar measures…
The Geopolitics of Stuff
A discussion on supply chains, commodities, and climate
The material economy is back. Economists and commentators in recent decades had heralded (or lamented) the arrival of an automated, redundant, frictionless system of international commerce. But over the past two years, multiple global crises have exposed the fragile physical…