Ha ha ha I swear if you post this thread in china, people would think that some of the comments (opposing free trade, capitalism, proposing that government should do this and that to protect jobs etc) must have come from those who still enjoy the old days when the chinese government took care of things and citizens just followed.
Essense of capitalism & free trade is frictionless flow of capital to maximize mutual, aggregate benefit. If it’s more cost efficient to mine copper in Australia, then the Aussie shall be mining copper, and if it’s more cost efficient for americans to produce cars then it will happen so. Certain people will lose out because their skills become obsolete but in aggregate standard of living (in financial terms; nobody can calculate the fuzzy stuff like social costs that’s all too subjective) should improve for the masses.
Whether we like it or not, this is just the way the world is going. The US can choose to shut its door and start falling back on protectionism then as a result some will cheer (say auto workers) but ALL people will suffer from a reduced standard of living.
Use me as an example. I graduated with a degree in computer science & engineering but I’ve transitioned to the financial sector where there’s relatively more job security while some of my buddies back in california worry about losing their jobs to indian engineers who could do the job at a fraction of their salaries. Since my first job, I’ve worked in Los Angeles, Cheyene Wyoming, Hong Kong, and now Beijing and by “internationalizing” my career I’m hopefully less affected by one country/city’s demise compared to friends who would and must stay in Los Angeles.
In the 21st century, economic darwinism is alive and well, and whether the US can continue to thrive depends entirely on whether its citizens can adapt to the environment of globalization, or whether it will go the way of so many of the great nations that once ruled the world.