I am now a believer that globalism is destroying the Western World economies. It emphasises our weaknesses and eats away at areas where we no longer have a competitive advantage, such as manufacturing, due to high labor costs.
Businesses are always going to seek an advantage, but Western countries no longer offer worker cost advantages. That is what is shipping our jobs to China. In the 1970s and 1980s, the jobs started going to Japan. When Japan's labor costs got too high, manufacturing moved to Taiwan. When Taiwan's labor costs got too high, manufacturing moved to mainland China. When China's costs get too high, manufacturing will migrate somewhere else. It looks like Vietnam and India may be next.
I worked for a company that was one of the first to break into manufactured products in Japan, Taiwan and China. It gave us a significant cost advantage over our competitors.
Western economies may have been better off when each economy was more isolationist, which created more local jobs.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin