People tend to like competition when they are winning, but not when they are not - then, being better or cheaper is seen as cheating.
Where I worked, we had a cartoonist who would often sum up the reality of these sunset economies. One of his classics, in the late 1970s, was "The GEC Digital Watch".
This was a chap walking along, struggling to hold up a pallet with an array of 100 watt bulbs on it, whilst dragging a trolley carrying a stack of car batteries and a grandfather clock with wires running from the dial to the pallet display.
Later, after a ludicrous failed attempt to get into mobile phones, starting a decade too late and expecting to do it for almost zero expenditure, there was a similar one with the chap driving a fork truck with a phone box on the forks and a trolley of car batteries trailing behind, and an aerial being held aloft by a kite.
These were emblematic of the attitude - everybody else should stay in their rightful place and not cheat by doing things better and/or cheaper.
Lots of other UK industries were run by the same sort of deluded management - cars, motorbikes, aircraft, shipbuilding, electronics, etc. - they all stopped going forwards and expected the rest of the world to stop, too.
I am constantly reminded by the fact that I drive a Korean car - I am old enough to remember when, if told that that was the future, it would have seemed as unlikely as being told, today, that you will be driving a Nigerian* car in a few year's time...
* Other countries are available.