The biggest change is world trade. We used to be the world's leading manufacturer of almost everything. We invented, created, produced and sold our stuff. Over time, the overseas countries caught up. They have been good at copying, stealing, or simply improving on products we've made. It's been a long time ago, but it seems to me it started changing noticeably after the introduction of NAFTA.
The US companies became international countries. They're loyalty to produce things in our country disappeared. Once one major manufacturer moves to cheap labor overseas, everyone else making a similar produce has to do the same or go out of business. How does someone paying $25 per hour plus benefits and matching SS compete with $2 per hour and no benefits?
I recall Nike, Adidas or some other shoe maker moving production to China in the 70's..... well, everyone else followed. How do you stop that? You can't.
If American companies in the 50's and 60's could have foreseen this change, what could they have changed to prevent or slow the process from happening? Maybe put a lot more emphasis on increasing production?
Maybe reduce the quality of products a few percent?
I recall a commercial in the 60's with an elephant standing on a refrigerator demonstrating how durable and well built they were. Gibson? Was that really necessary?
I always see a ton of 1960's 1/4" drills at the habitat restore..... and they still work like new.
Was that quality, for a household tool really necessary?
It's gotten beyond blaming the government. World trade with cheap labor was bound to knock on our door at some point. I don't know why knowbody saw it coming.
The thing that could have been done and should have been done, is limiting or regulating which countries could buy land, property or companies in the US. China owns GE, but at least the still manufacture products in the US.
I don't know what any fixes can be done except regulating what foreign countries can own inside our borders.