With the intentions of Xi Jinping uncertain, there is a rush to build advanced chip-fabrication plants outside Taiwan. But it is proving a bigger challenge than anticipated
When the history of our time comes to be written, one thing that will amaze historians is how an entire civilisation managed to impale itself on its worship of optimisation and efficiency. This obsession is what underpinned the hubris of globalisation. Apple’s famous slogan “Designed by Apple in California, manufactured in China” became its guiding light. So long as products could be made available to consumers everywhere, it no longer mattered where they were made. Until it did.
We first twigged this when the pandemic struck, and we became suddenly aware of how fragile supply chains built to maximise efficiency could be. Shouldn’t we be optimising for resilience rather than efficiency, people wondered. And maybe our obsession with “offshoring” production to low-wage countries might not be such a good idea after all.
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