What does Taiwan’s precarious position reveal about global power, economic leverage, and the unraveling of diplomatic norms? In this episode, economist Chang-Tai Hsieh returns to unpack Taiwan’s tangled political history, its deep economic entanglement with China, and the global stakes of Taiwan Semiconductor Manufacturing Company (TSMC). From fears of abandonment to the high-stakes semiconductor supply chain, Hsieh explores how Taiwan balances sovereignty, security, and survival in an increasingly transactional world.