The entire strategic advantage of the west was sold out thanks to trying to standardize management? Come on, there's certainly an element of truth with relation to the downsides of globalization, but that's some pretty heavy hyperbole.
In terms of what is wrong with this apocalyptic view of the future, I would start with the idea that China has some unassailable chokehold on the West. A lot of influence over our supply chain (which is at the moment divesting), sure. Someone like Peter Zeihan can articulate it better than I can here (ex https://www.youtube.com/watch?v=QzT38jCUpgU), but China is really on its knees at the moment owing in large part to the instability of authoritarian regimes. We might see them get back on their feet in the next few years but we might just as easily see a catastrophic collapse of their government and economy. Time will tell.
It is not heavy hyperbole. Compare the relative positions of the west vs China only 25 years ago vs today. Before, China had neither military technology to that could challenge the West, nor the size of its economy. Today, it has ripped-off designs of fighter jets for everything from the F-16 to the F-35, carrier-killer missiles, six nuclear attack submarines, a domestically produced aircraft carrier, etc.++, and is the 2nd largest economy in the world. All in a quarter of a century.
We gave away the forking store. And CCP has used that new position to violate it's agreements on Hong Kong, and now continuously and explicitly threaten war on Taiwan.
The great experiment has been tried and resoundingly failed. It was thought that open trade and information exchange would result in openness and democracies in the autocratic countries. Instead, it empowered and emboldened the dictators.
That said, we have noticed, and China has blown it so that they no longer have the benefit of the doubt; we know the experiment failed, and know their absolute intentions to remain autocratic, and grow at the expense of democracies.
So we are now strategically pulling back. I do not think it is anywhere near over. I would not bet on China winning long-term.
But, the west, by trying the Great Experiment (which was truly generous-minded), without restraint (which was stupid) has put ourselves in a far more vulnerable position than we would have otherwise. It will be far more costly and risky to get the democracies of the world out of this mess than it would be if we'd avoided it in the first place
US needs China and China needs US. The Wealth of Nations. The only problem as you say is the authoritarian regime in China which opposes progress for its people, because the authoritarians have taken over so of course they look after their own interests not the interests of the majority. Therefore progress is coming very slowly to the masses. China used to be ruled by a "junta" but now it seems it is ruled by a dictator, a single person. He might be a good person, or evil, and so will his follower. At some point there will be a very evil dictator just like in ancient Rome.
It's more accurate to say: "China needs the cooperation of the US and EU in order to sustain its growth. But with enough effort, the US and EU can find a replacement for China."
You can relocate supply but you can't relocate demand. The West can find new partners to buy stuff from, like India and Vietnam, and is doing so now. If it really wants to it can pump money into those countries to speed up the process. World leaders are now acutely aware of China's political instability - I think no matter what happens, the era of China being the whole world's indispensable supplier is over, no one is really comfortable with it anymore. Between Covid and Jinping, China has only itself to blame.
In terms of what is wrong with this apocalyptic view of the future, I would start with the idea that China has some unassailable chokehold on the West. A lot of influence over our supply chain (which is at the moment divesting), sure. Someone like Peter Zeihan can articulate it better than I can here (ex https://www.youtube.com/watch?v=QzT38jCUpgU), but China is really on its knees at the moment owing in large part to the instability of authoritarian regimes. We might see them get back on their feet in the next few years but we might just as easily see a catastrophic collapse of their government and economy. Time will tell.