"There used to be a lot of equipment manufactured by various countries (Germany is the first one that comes to mind) that lasted virtually forever..."
I understand the principle you are referring to, but I'm not really sure if it's a case of people remembering, or even imagining things more fondly than they really were. And I mean that literally; I'm not sure.
My grandfather, who passed away 16 years ago, left behind in his garage a lawnmower with a Briggs & Stratton engine. He originally purchased this lawnmower sometime in the late 50's. That lawnmower is *still* in my mother's garage, and still fully operational, some 50 years later. The only maintenance required is a bit of gasoline and a new spark plug every 10 years or so.
*50* years and still running strong
Fast forward to a car I owned in college. It was a 1985 Volkswagen Golf. The car was 5 years old when I got it; my mother owned it before me. It had about 60,000 miles on it when I got it, but it already had a cracked head (faulty radiator), CV joints were replaced 3 times (it was an engineering defect - anyone who owned a Golf or Jetta from about that time can attest to this), faulty fuel injector (it would stick at WOT sometimes when you floored it), headliner collapsed, sunroof broke twice (couldn't open it), and several other minor problems, and this was BEFORE I got it. I owned it for under two years and by then it was such a heap of garbage we decided to simply trade it in on something new, as it was too expensive to keep repairing. Mt grandfather bought me a 1992 Nissan pick-up, the no-frills base model, and it was mechanically the best vehicle I've owned to date, and I'm currently on my 8th automobile. I put over 200,000 (really rough) miles on it, and the only thing that ever failed was a bearing in the transmission, which was most likely my fault for driving it like a dragster. Was only $600 to repair, including parts and labor. Everything else worked great.
Going back in time again, I also have some of my grandfather's toys. They are stored away, and never touched, but the craftsmanship was so delicate, they never would have made it this long if continually played with. Even simple mechanisms like the Jack-in-the-Box readily break.
So taking into consideration the materials used in the past (heavy duty plastic, metal, solid wood) versus those in use today (thin plastic, cheap alloys, synthetic/pressed wood), as well as the business ethics of planned obsolescence (i.e. build something that breaks right after warranty) I would say that overall, if all manufactured products were compared to their equivalent from many decades past, it does seem that a higher percentage of products are now built more cheaply than they once were.
However, considering engineering advances, I'd put my Nissan up against any 1950's Ford or Chevy for reliability. And as has been mentioned by other posters, it's often what you pay and who you buy from. If you buy cheap, you shouldn't expect longevity. Of course there are exceptions to that, as well. My Nissan pick-up in 1992 was $9,000 out the door. The next most reliable car I've owned is my Viper, but it cost 10x as much as my old Nissan.