Competition is a key feature of the market economy. It doesn’t always lead to the greatest and most beneficial results for society, but here’s a good example. Detroit has been the center for America’s automotive technology for a century. Now the car companies of Detroit are competing against Silicon Valley to develop the electric, self-driving car. Ford has announced that it’s doubling the size of its office in Silicon Valley to 260 people, and the company is investing in four businesses that are key to building self-driving cars. The carmaker’s move follows more than $1 billion in investments made by General Motors in a pair of California technology companies earlier this year to keep up with Google’s autonomous-car project and Uber’s ride-hailing business.
