The global semiconductor shortage has grabbed headlines and caused a cascade of production bottlenecks that have driven up prices on all sorts of consumer goods, from refrigerators to SUVs. The chip shortage has thrown into sharp relief the critical role semiconductors play in many aspects of everyday life. But years before the pandemic-induced shortage took hold, the United States was already facing a growing chip crisis. Its longstanding dominance in microelectronics innovation and manufacturing has been eroding over the past several decades in the face of stepped-up international competition. Now,…
