You become absolute dictator of your country. What do you do?

[ouronis]

Give myself a billion dollars and retire.

[xerx]

A few years ago, I probably would have supported a more muscular economic nationalism, with extensive and permanent tariffs on foreign goods.

But I think it would be better for government to reinvest in dying industries in order to help them become more competitive. Factories can be redesigned for changing needs (or products) and new supply chains created.

China isn't just a popular manufacturing destination because of cheap labour. Its manufacturing regions contain hubs of closely connected industries that source from each other locally, meaning that production schedules, product designs and specifications can flip on a dime in order to meet changing demands.

China did employ tariffs to achieve this, as less advanced countries have to resort to in order to stay competitive, but there was also extensive investment from its centralized (Stalinist) economy. For capital-rich countries like the United States, it's probably easier to adapt than sacrifice economic efficiency (or create a diplomatic incident) by blocking trade.

Government sponsored worker retraining programs are also a must, and the stigma against older people going to back to school should be buried.