alt Hacker NewsThat’s an over simplified view of the world that completely ignores all the benefits of outsourcing our manufacturing to China brought. It may have been short sighted of us, and we may have over valued those short term benefits, over the long term costs, but it wasn’t a decision made by some shadowy group of “politicians”. It was a collective societal decision, to choose easy consumerism, cheap products, and rapid growth in quality of life, over the long term viability of societies.
But this story hasn’t ended yet, and China certainly isn’t treated like a developing country. It’s treated like a country that has a vice grip on our economic nether regions, and we really don’t want to make any sudden unexpected moves.
Those benefits were chiefly lower prices for the manufactured goods. But the Federal Reserve interpreted this as a problem per their mandate to keep CPI going upwards, and created a bunch of new money that went into asset bubbles. So the "benefits" to the average person also included housing unaffordability and the general financialization of everything. Viewed through this lens, it does not seem like any sort of collective societal decision.