Industrial policy is making a global comeback, with critical minerals at the center of a new era of state-led market intervention.
The announcement on October 31, 2025 that G7 partners and other allied nations will support 26 critical mineral projects under the new Critical Minerals Production Alliance is the latest development in a growing trend of government involvement in critical minerals supply chains. Governments are stepping directly into markets once left to private actors, using measures to secure the minerals that underpin advanced manufacturing, defense, technology, and clean energy capabilities.
The message is clear: Western governments and their partners are no longer content to be passive or reactive regulators — they are becoming active market shapers, deploying fiscal incentives, regulatory fast tracking, and strategic stockpiling to secure supply for materials they deem to be critical.
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