This. And if you happen to have a powerful government propping you up, and your government expects that as a result of your combined efforts you'll have a monop

This. And if you happen to have a powerful government propping you up, and your government expects that as a result of your combined efforts you'll have a monopoly and put the other country's industry out of business, you can afford to operate at a loss for a long time. Look at semiconductor fab plants in Asia, compared to semiconductor fab plants in the US, circa 1980s and 1990s.