What you're describing literally is us losing it. We lost in the market. Price was above all for the market and we didn't adapt and lost. I agree with the point you're trying to make but we did lose it in the sense that we do not have the manufacturing capacity we once did
We didnt 'not adapt and loose' we welcomed it with open arms in order to get cheap prices. People voted with their wallets and collectively decided they didnt give 2 hoots about where something was made as long as the price was right.