Vast cheap labor was always there.

Connection of that labor to the Western consumers was needed - and delivered via free trade and liberalisation of China's economy.

Since the advantage was cheap labor, putting this into action meant competing on price, which reduced prices in the West.

This was supposed to benefit the Western worker-consumers via deflation which means rising real wages.

The idiots in charge of monetary policy in the West have a nonsensical fear of deflation. They squandered the benefits of low-cost goods by printing more money, which consumers could access only by borrowing.

The money-printing inflated the values of the assets lent against: homes.

Western consumption going on crack as a result of cash out refis, then QE, further lifted demand for Chinese - made goods.

US consumers are now tapped out.