William Schambra is a Hudson Senior Fellow and Director of the Bradley Center for Philanthropy and Civic Renewal. This essay is adapted from a Bradley Lecture delivered at the American Enterprise Institute on December 8, 2009.
Caption
The Taiwan Semiconductor Manufacturing Company’s Fab 20, which specializes in the production of 2-nanometer advanced chips, in Hsinchu, Taiwan, on March 28, 2026. (Getty Images)