However, if Smith were around today after the invention of central heat and A/C, and he saw that the same work can be done anywhere in Earth, and that the only discriminators were lower wages and laxer labor and environmental regulations, then I believe he would have had another think about his theory.
They only want CHEAP and obedient labor. "Efficiency and cost effectiveness" are buzzwords to justify lowering the salaries.
The executives are strip-mining these companies and pocketing their piece off the top. Product quality and organizational performance invariably deteriorate until the companies are hollow shells and crash into dust. But by then the executives are long gone into other jobs, or a safe retirement.
No, we cannot have a first-world technology economy based on third-world labor and wages. Complex systems break down and cannot be restarted. The nice things go away.