It would be a Western economy going around in circles.
We in the West want a higher standard of living for our people. And we want to eradicate poverty. So we up wages and legislate employees' rights, pushing production costs up and pushing manufacturing out of Western countries and into the East.
But have no fear, we can still all enjoy a great life here in the West, because we import cheap fruit and veg and coffee and cocoa beans from places where workers don't enjoy the same benefits as we do, we import cheap garments and cheap electronic devices from places where employees do not have the right to work no more than 45 hours a week, do not get 5 weeks of paid holiday each year, are not protected by anti-discrimination legislation, and do not have a workplace pension plan. Problem solved.
But hand on, we can't let China flood us with cheap goods, it's not good for our economy, so let's put up a big great trade wall between us and them and start manufacturing stuff right here at home, just like we did in the good old days.
Yes it will cost more to make, and yes prices of goods will be higher , and the standard of living will go down, but what price Freedom. So we package it in an ideology called Patriotism and sell it to the public.
Next, we have austerity. But we are Patriots, right? It's for the greater good. Eventually people rebel, and someone comes up with the brilliant idea of economic Liberalism, removing trade barriers and importing cheap stuff from China. And there was much rejoicing.