In an era of geopolitical contestation, markets are increasingly shaped by security imperatives, state power, and the politics of technological dominance.
The era of the “retreating state” is over. Firms are increasingly judged not only by market performance, but by their strategic alignment with national security priorities.
As governments race to secure control over strategically vital technologies, chip supply chains are being reorganized around national security rather than market efficiency.
Industrial policy has returned to the centre of global economic strategy, as states increasingly intervene in markets to secure technological leadership. Nowhere is this shift more visible than in the race to control semiconductor production.
