| I even thought that the example of automobiles proved the jet engine analogy wrong. Sure, automobiles aren’t as complex as a jet engine, but they’re still complex, especially the internal combustion variants. Something like 10 years ago we were laughing at videos of Chinese cars spectacularly failing crash tests, and now China is selling to very heavily regulated markets. Same deal with things like high speed rail. |
Say what you will, but I don't consider eminent domain to be some kind of mystical technology that only wizards possess.
For automobiles, China didn't compete with the West on its own turf in heavily regulated markets. They embraced EVs from the beginning. Complex auto regulations can't save Europe because EVs are an end-run around all of the complexity of building an economical, low-polluting engine.
Indeed, Europe is talking about relaxing some of its environmental regulations for petrol cars, now that those regulations are more of a barrier to home companies than foreign ones.