A government taking a stake in its chipmaker is ordinary infrastructure policy — Taiwan, Japan and Singapore all did it.

government What states are for and what they are worse at than markets and networks: legitimacy, moral hazard, and who may be entrusted with power.

semiconductors The chips and the companies that make them: NVIDIA, TSMC, ASML, and what a fab can and cannot do.

infrastructure Building the large physical things -- reservoirs, roads, pipelines -- and why some countries have stopped being able to.

Japan Stagnation, demographics, finance and industry, and what the rest of the world reads into them.