A rising Asian nation leverages labor advantages to adapt Western technology to lower cost fabrication, and its leading companies rise as no-frills leaders in an emerging global market.
Thanks to free trade policies – kept in place, in part, to satisfy Western consumer demand for the product in its most afforable form — the Asian nation finds a ready export market that helps to build a worldwide brand and return immense profits.
Then, given a generation to develop a domestic engineering and technical workforce worthy of their place in the industry, the Asian nation’s concerns soon come to surpass their Western competitors and they bypass the godfathers of the business in innovation and quality, while retaining an edge in affordability.
Ring any bells?