The era of American hegemony is ending. It is being replaced by a new geopolitical world order defined by great power competition and increased nationalism, a transition that will have enormous consequences for the global economy.
This period of free market reform, globalization, and technological transformation also had the effect of lowering prices and dampening inflation. These forces, as well as generally accommodative monetary policy around the world, produced a very unusual macroeconomic environment — one that was conducive to new financial products that spurred innovation and growth.
It was in this period that modern venture capital, as we know the industry today, was born. Companies were able to access relatively inexpensive capital to fund unproven and unprofitable business models as technology sought to digitize a globally connected world. The capital and technology requirements for this digitization were relatively light, and opportunities seemed boundless given limited political interference in the face of economic progress.
Nowhere are the complexities of re-globalization and their impact on the future of company building more apparent than in the global semiconductor industry. After Covid laid bare the vulnerabilities of the global supply chain, and as tensions between China and Taiwan flared, the U.S.
'as tensions between China and Taiwan flared, the U.S. announced plans to invest $280 billion to fortify its domestic semiconductor R&D and production capabilities as well as a series of export restrictions on advanced semiconductor inputs' htaneja FareedZakaria
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