On Aug. 9, U.S. President Joe Biden helped bolster the United States’ technological lead over China by signing the CHIPS Act. Despite the hype, though, the history shows that governments’ best-laid plans to develop technology often falter amid bureaucracy, inefficiency and an over-reliance on state control.
As part of an effort to build out a domestic supply chain for renewable technologies, like electric car vehicles, U.S. President Joe Biden invoked the Defense Production Act to speed up domestic production of lithium and other critical materials. But the push to expand mining in the U.S. faces strong headwinds.