Nations that can corner niche components are of immense value to allies, and a problem for rivals. Prime Minister Anthony Albanese’s manufacturing strategy can’t ignore this.
Whether Nancy Pelosi’s recent visit to Taiwan was a good idea is hard to say. There were certainly pros and cons.
Not unrelated to that visit, last week US President Joe Biden signed into law the CHIPS and Science Act of 2022. The CHIPS Act authorises US$280 billion ($405 billion) to support the manufacture of the semiconductors that power the world’s electronic devices.
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Richard Holden is Scientia Professor of Economics at UNSW Business School. Connect with Richard on Twitter.
