Industrial policy has worked for China. It gained China its dominance on refined rare earths and magnets. A dominance China has used to choke other countries, including the United States. And this doesn’t only strangle economies, but militaries.
https://www.youtube.com/watch?v=BXLGV0Sj0n8
High tech chips and lenses need super pure quartz, and the purest quartz in the world is found in the US. To turn it into usable silicon requires a smelting process that only a few masters know how to pull off.
https://www.youtube.com/watch?v=Y9V4jNTLGus
Russia intervenes in Africa not just for control over resources, but to compete against the West for influence. Russia can avoid sanctions and global condemnation by having African countries vote with them. Russia uses private military companies that in theory are independent, but in reality are arms of the Russian state.
https://www.youtube.com/watch?v=EVLBitv_A_4
Greenland is super valuable.
https://www.youtube.com/watch?v=x8j2uWw3WfU