According to the champions of the "knowledge economy", Western nations were going focus on creating premium, high-end goods and services, whilst the Good Little Asians focused on selling us cheap plastic toys and €5 toasters.
The threat posed to Western manufacturing and technological superiority was not a concern, because the Good Little Asians had no interest in building anything complicated. Anyway, aside from the Japanese, Asian industries were decades behind and lacked the "culture of innovation" that has ensured Western global hegemony for the last 500 years. The Asians would sell us slippers. We'd sell them iPads.
Unfortunately, it appears the Chinese didn't get the memo.
China's Lenovo overtakes HP as biggest PC maker
And nobody told the South Koreans.
Hyundai Motors overtakes Ford in U.S. retail sales
It seems the Good Little Asians are now competing with Western manufacturing at every level of the value chain. But surely this is just a temporary blip? It's not as if companies like Airbus and Boeing could ever be bankrupted by Chinese competition.
Question: Is there anything we (Westerners) can build, that the Far East cannot either a) build already, or b) rival within 10 years?