China's wages are dictating a conclusion in opposition to that. And it also belies the fact that the US was formerly pretty much independent...and clearly better off for it. Globalism is not a panacea...except for the Chinese who simply mutter "Sucka!" under their breaths as the US devolves economically.
China's wages represent an irresistable black-hole that keeps sucking in all the manufacturing it can take as soon as it can be absorbed...and all under the rubric "globalism".
China’s only asset that allows it to dictate such a conclusion is its vast population thats part of the labour force. Thats also an asset shared my many other countries in Asia which combined would have a population size much larger then China itself. I have traveled across 3 continents especially allover Asia and know from personal experience that wage rates in many countries are far lower then China. China has other advantages in its favour that keeps those industries there.
Some of China’s advantages can be replicated if those countries do the right thing.
Either way you look at it, those industries are not coming back home to US cuz American wage rates and dollar (currency) value together still puts US out of competition “globalism” or not. And government protection for those industries would make it even more costlier. Thats the reality. The least the US can do is outsource elsewhere or buy goods from elsewhere other then China. If not China the somewhere else. Labour resource is in abundant supply in Asia.