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finance9 min read·28 April 2026

On-shoring the Microchip: A Student's View

Industrial policy and the return of the factory to the American Midwest.

Words by

Elena Vance — University of Chicago

The CHIPS Act is, depending on whom you ask, either the most successful piece of US industrial policy in a generation or an extraordinarily expensive subsidy programme.

From the perspective of an Ohio undergraduate watching cranes go up over what used to be a soybean field, both readings can be true at once.

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