People get stuck in their narratives very easily

It does seem like there's a disturbingly large fraction of the population who now simply take as given that capitalism is responsible for society's current failures. I hear the term "late stage capitalism" bandied about a lot.

What neoliberalism abandoned was the idea that government had a valid role in the productive economy and finance.
Banking was deregulated removing almost all restrictions upon what purpose fiat debt originated capital funding could be directed toward by private profit motivated banks.
This has resulted in huge sums of fiat debt directed into non productive purposes - primarily housing and asset price speculation.
At the same time the idea of government investing in core infrastructure which could be expected to stimulate private sector productivity was rejected. Strategic infrastructure and productive capability was outsourced to private providers who were believed to be capable of more efficient provision- but in that process huge sectors were outsourced to foreign providers- often China.
China was building its economy on a state capitalist model where key services and skills were deliberately provided capital and resources by government to build the most competitive manufacturing economy on earth.
Western designs and technologies were copied and built in China.
The west lost the ability to produce most manufactured goods and increasingly services.
Private capital has no incentive to look at and develop a strategy for the overall benefit of a nation- private capital serves its shareholder investors.
If refining rare earths is not profitable in the near-medium term it will not invest in that.
If a process can be outsourced to a cheaper provider in China private enterprise will quite logically outsource to that provider.
This China won the trade war and now the west and its neoliberal experiment show, by their failure, how dramatically the wealth of nations is tied to the quality of their governments and their ability to work with industry to protect and preserve the wealth and security of a nation.