Global industrial chains and structures are constantly evolving, alternating between periods of relative stability and of profound disruption. Industrial restructuring refers to periods of accelerated change, such as the one currently underway. The forces behind such restructuring can broadly be divided into two categories: geopolitical competition and technological change. The two are closely intertwined, although their relative importance varies over time. At present, both are driving the reconfiguration of global industry, with geopolitical competition playing the dominant role.