@rst That’s a good point! But is it population or finance or resources or infrastructure that are limiting factors when considering whether a territory can field a player in an industry? They sell I think into a unified market — all of China, wherever Chinese firms have market access abroad. 1/

@rst It’s worth trying to think through: If we were intentionally going to design markets like sports leagues, with a fixed set of ??? fielding their own firms in strategic industries, what exactly should ??? be? In China it’s a nexus of local (meaning I think provincial) governments and state-owned banks. But it might be good fortunes that that was a reasonable (ish!) ??? under Chinese conditions. Could smaller US states, EU nations work as this kind of unit? /fin