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- PerspectivesIndustrial Policy
Regulation can change what an asset does; only ownership decides that it exists
Ownership gives a state two rights no rule confers: the decision that an asset exists, and the claim on whatever is left over once it does. What complicates the case is price, because the ten-year Treasury rate averaged 0.89 percent in 2020 and 4.29 percent in 2025, and a state that owns must raise the money before it decides anything.
- PerspectivesStrategic Technology
Technical standards decide admission where a tariff only sets a price, and nothing in the record counts admission
Goods exports to mainland China fell from 13 billion dollars a month in 2022 to 9 in 2025, and imports from 45 to 26. The series record that both legs shrank and attribute the fall to nothing, which is why a rulebook written years earlier cannot be told apart from a duty imposed last quarter.