I agree there is waste, but if you buy into the whole capitalist schpiel, if the cost of production is lower, it's still better. This obviously externalizes environmental impacts which the current trend of eco-politics is trying to address with many ideas around taxing carbon output and other ways of accounting for the external effects comes into play. I assume if the world is able to correctly implement such a system we'd get rid of these aberrations where sometimes chucking a bunch of useless stuff into a product, or producing it in the other side of the world ends up "making sense" - because it only "makes sense" if you don't account for all the trash you leave behind you.
I'm optimist though, I see the discourse moving in this direction and many countries starting to investigate properly how to implement these ideas from the 70's.