pjc50 says:" Capitalism recognises no "should" other than the market."
And therein lies the rub for the USA: capitalism is not the be all and end all of our existence as a nation. Somewhere down the road we lost the notion that there was an implied social contract between a nation and its citizens. And that contract must take precedence over unfettered capitalism.
USA citizens thought the social contract included protection from competition with 2nd- and 3rd-world workers who are paid 2nd- and 3rd-world wages. But MBAs, economists, and "globalizers" believed that no such protection should be provided.
The USA's citizens lost the argument w/o knowing it was going on. The asymmetry in the situation puts only upside into the hands of the MBA/globalizer and downside into the hands of the USA worker:
MBA/globalizer - "I'll make mega-mega-megabucks if I can produce widgets abroad! I'll be a god* billionaire!"
Other would-be MBA/globalizer down the street - "If MBA/globalizer doesn't produce widgets abroad, then _I_ will do it! I'll be a god* billionaire and MBA/globalizer will be out of business!"
US citizen worker - "I'll lose my job and be penniless if anyone produces widgets abroad!"
Guess which ones put the most money into USA'S political campaigns over recent decades!
There is no question that China has a "China first!" policy. In contrast, the USA has forgotten that it once had a "USA first!" policy as part of its social contract. The USA should restore that policy and make it economically explicit. Otherwise, why have a nation-state at all? If we don't go "USA first!" then we will be little more than a protective nest for an extremely wealthy few.
[Edit: I was somewhat reluctant to add this, but several of the few extraordinary wealthy I have spoken to have literally whispered:]
But that might not last long. The USA populace would likely revolt, kill the extremely wealthy and start all over again.
Some, and possibly many, wealthy persons apparently fear the judgement of the crowds, pitchforks, torches and finally death at the hands of the mob! How wonderful must be extraordinary wealth that one begins to fear for one's very existence and that of one's children!