Step by Step, How China Seized Control of Critical Minerals
(www.nytimes.com)
from schizoidman@lemmy.zip to world@lemmy.world on 27 Oct 23:55
https://lemmy.zip/post/51884794
from schizoidman@lemmy.zip to world@lemmy.world on 27 Oct 23:55
https://lemmy.zip/post/51884794
China is the sole producer, for example, of samarium, a rare earth metal used in many military applications. China is also the only country to master the difficult art of refining ultrapure dysprosium: The entire world’s supply, needed for superfast chips, comes from a single factory near Shanghai.
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“Seized” makes it sound like they did something nefarious, but all they really did was just invest in their own rare minerals industry and we… didn’t. And rightfully so, right? I mean, the government directing investment toward vital industries of national importance is socialism, right? And we don’t do that. We let the market decide that stuff, and the market said, “let China do it.”