It only took 200 years for China to claw their way back, and as much as you can try to blame it on "open trade" you can also attribute it to how the government in China has become more open in regards to business.
http://www.theatlantic.com/business/archive/2012/06/the-economic-history-of-the-last-2-000-years-in-1-little-graph/258676/
As far as this too big to fail stuff goes, and if GM goes down the whole industry goes with it due to supply chains, I don't buy it any longer in the automotive industry. If you haven't fixed the fundamental processes that took you down to begin with, you in effect have not solved anything. GM started cash flowing negative back in 2006 as they had reached a point where labor costs were out stripping profit margins and they were handcuffed by the decisions made by leaders 10 to 15 years before '06. But with the classic attitude of "kick the can" neither man nor leader would look to the future and make the right decision. So it sounds like we are back at a precipitous point once again, and I am inclined to let the current leaders fail. Because someone, somewhere in the world will buy the assets, patents, and brand from bankruptcy court and GM will once again be enabled by passion instead of greed & stature.