“ As expected, BOE absorbed Hynix's display technologies and capacity to rapidly catch up to the market incumbents. Backed by the Beijing city government's financial firepower, the company invested over a billion dollars to build its first cutting edge LCD factory. “
This is the power of state-backed capitalism. You can make heads-I-win tails-you-lose bets (because if they lose you can just devalue the currency of the citizens).
Fascinating considering tech economies as proxy wars though…
I wonder how much remains of the capitalism in this case.
I should remind us that the original "Doctrine of Fascism" (by Mussolini, not the German Nazi stuff) was very much about blending corporate and state power: it openly declares that "fascism is corporatism".
Virtually every economically powerful country has arisen thanks to aid from the state. The UK in the 18th century, the US in the 19th (and since!) , the Asian Tigers in the 20th century.
This is the power of state-backed capitalism. You can make heads-I-win tails-you-lose bets (because if they lose you can just devalue the currency of the citizens).
Fascinating considering tech economies as proxy wars though…