This is the third note in a series based on Fathom’s report, Geoeconomic implications of a fractured global economy, which explores the consequences of the global economy fragmenting into blocs. The previous note identified the key vulnerabilities that a US-led bloc might face in a fractured world where it sought to end its reliance on Chinese goods; and asked where it might find alternative centres of production. This note estimates the fixed capital costs associated with making that happen: i.e.,…