What a Successful Industrial Policy Needs
New research on the importance of cross-border knowledge and technology spillovers suggests that government support alone cannot guarantee success in an industry. That is why Taiwan and South Korea's semiconductor industrial policies succeeded, while China's has not.
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NEW HAVEN – Contrary to expectations, the Taiwan Semiconductor Manufacturing Company (TSMC) semiconductor plant in Arizona is reportedly on track to meet its 2025 production targets. This announcement poses a challenge to the many observers who predicted that the effort to bring chip manufacturing back to the United States would fail. What went right this time?