factoring jobs overseas" but that is not what is happening. We the people are choosing to buy the most low cost products, not local product. As a result we cannot compete with the foreign producers that have lower cost of production. The local jobs just dry up and blow away, unless a country produces tariffs or the like to equalize the price.
The third world has few well paying jobs, certainly not in factories. Perhaps a few factory owners. They may be among the 1% of their country.
Now I am Canadian and in Canada. We went through this a few years ago with the US lumber, where the US violated the free trade agreement. US lumber production is more expensive, mainly due to the price of standing trees. In the US, most are private. We still have some crown trees in bits of Canada, and our government is not as greedy as the US land owners when it comes to trees.
The US government thinks this is unfair, so they imposed a significant tax on our lumber when it crosses the border, and that acts as a subsidy to the US producers, keeping them in business. Canada should have placed a export to the US duty, and kept the money in Canada, but our government has no political will for such things.
A country must do something to help develop jobs inside her borders. Note that I am using the feminine pronouns, for reason is not a political strong suit. Oh well.
In the end the customer vote with their wallets or feet. In this globalization, many lose, while the no value added transport industry and fuel industry benefits. Oh well, the rich one percent always get richer, and the rest of us struggle.