I was pleased to have Emily de la Bruyere join me on the Acquisition Talk podcast. She's a co-founder of Horizon Advisory, a geopolitical consultancy, and a senior fellow at the foundation for defensive democracies. She's frequently cited on China and industrial matters, and she has brought some excellent voices together on these topics in a new publication called Force Distance Times.In the episode we discuss:Vertical integration of supply in ChinaIf the term 'industrial policy' is naughty or notWhether US or European firms are transferring more tech to ChinaHow the DC consensus has changedThe dangers of underestimating China Emily argues that Beijing's industrial strategy is to create incentives for private and state owned companies to invest in redundancy and excess capacity. While it produces inefficiencies, analysts on the outside are inclined to look at the failures rather than the totality of investments. Not only have many sectors been successfully developed, they gained enormous leverage over US supply chains that gives it coercive power -- not to mention how redundant industrial capacity is a critical to mobilize the nation for a major conflict.This podcast was produced by Eric Lofgren. You can follow me on Twitter @AcqTalk and find more information at https://AcquisitionTalk.com