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Yes, it was incredibly short sighted of the neoliberal “free market” Capitalist agenda to conduct their “race to the bottom” by sending vital manufacturing overseas.
That combined with privatisation and globalisation (and lots of unchecked corporate espionage done by China) has given away sold every single technological advantage the western world had been developing since the Industrial Revolution.
I hear he’s saying he doesn’t know who came up with it. Here’s what Wikipedia says: