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China’s domestic semiconductor industry has had to respond to the challenge of U.S. export controls by working with industrial ministries in Beijing and key local governments, such as in Shenzhen and Shanghai, to move the entire sector up the innovation curve and value chain on a compressed timetable. It is now clear that the immediate…
Read MoreOn January 3, 2026, U.S. special forces executed a spectacular raid on Caracas, resulting in the abduction of Venezuela’s President Nicolás Maduro, who now faces charges of drug trafficking in the Southern District of New York. Hours later, President Donald Trump proclaimed that his administration intends to “run Venezuela.” But Maduro’s regime has been left largely intact, with the Trump administration sending mixed signals as to what course it intends for Venezuela’s future. the intervention will test the limits of the Trump administration’s new Monroe Doctrine in the Americas. Whether or not Maduro’s ouster is eventually viewed as a strategic success in and outside of the hemisphere will likely depend on the White House’s understanding of the country’s pre-intervention crises.
Read MoreAmerican reindustrialization will require trillions in investment over decades, retraining an entire generation of skilled labor, and a cultural shift toward patient investment over quarterly gains. The NIC provides a persuasive answer to the question of how to finance American reindustrialization when conventional finance falls short. To be clear, the broader financial sector must play a role in helping industrialists build factories at scale, but the NIC provides an important institutional innovation that addresses a real market gap..
Read MoreIn past decades, American surface transportation policy centered around questions like how much to spend, how much to distribute between roads and transit, and how much each state should get in return for its federal gas tax contribution. Today, surface transportation policy is taking place against the backdrop of multiple technology revolutions in autonomous vehicles and electric vehicles, with China potentially poised to dominate the latter—and possibly the former as well.
Read MoreParadoxically, Western pharmaceutical companies impose persistent price inflation on these medicines, often exceeding general inflation rates, while benefiting simultaneously from reduced production costs through outsourced API manufacturing and intense competition among Chinese suppliers. This dual advantage has made their business models unusually comfortable.
Read More“Face blindness,” or prosopagnosia, is a condition in which a person cannot recognize human faces, at times not even their own face in a mirror. Something similar afflicted most of American academia and journalism for almost two generations during which the absolute centrality of the state to the performance of capitalism became almost impossible to see. Call this “state aphasia” or “state blindness”…
Read MoreAmerican actions have repeatedly demonstrated a fundamental inconsistency and incoherence. A recent example is U.S. leaders berating Europeans for military underspending, while scuttling any European attempts to create an indigenous, united military-industrial complex or buy European-made weapons. It is obvious that there is a theoretical contradiction within the heart of America First grand strategy: America is not designed to be an empire and is accordingly susceptible to the whims of public opinion. Simultaneously, both the elite and the public both desire to be the primus inter pares in an anarchic international system…
Read MoreThe decline of the American nuclear energy architecture was not merely political. It was institutional and legal, though not directed at nuclear energy itself. Reformers in the 1970s, reacting to perceived bureaucratic excess and regulatory capture, embedded procedural constraints across the administrative state. Environmental statutes introduced layers of adversarial oversight that prioritized transparency and legal challenge over coherence and execution. The regulatory center of gravity shifted toward the courts. Standing rules were relaxed, citizen suits multiplied, and statutes like NEPA became primary instruments for challenging, delaying, or procedurally exhausting federal projects. These changes, while not aimed at nuclear energy development directly, rendered the deployment of sovereign-scale infrastructure increasingly untenable…
Read MoreDonald Trump’s election in 2016 coincided with a growing realization that the old economic playbook, which often relied on lip service to markets, was inadequate and culminated in unintended social and economic harms. Trump championed a view long held on the fringes of policy debates: that America’s massive trade deficits and deindustrialization were not just economic issues, but strategic liabilities. He pointed to the loss of factories and dependence on imports as evidence of American decline, rejecting the idea that such trends were benign side effects of globalization…
Read MoreUnderstanding the rationale behind Eccles’s ambitions also holds lessons for the current moment, revealing just how powerful and malleable bank supervision can be, why the industry’s current effort to remake supervision could backfire, and why those taking up arms to defend supervision may come to regret that decision. Conti-Brown and Vanatta show that supervision is a powerful tool. It can and often has been used to meaningfully enhance the health of banks and the banking system. Yet they further show that it can and has been used to serve other agendas as well, potentially making it very attractive to an administration looking to deploy such tools in new and sometimes self-serving ways…
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