If the current system is being out-competed by other economic systems, then change the system. An economic system is just a utility, it isn't something we should have an emotional investment in like a sports team.
How to start? China's five and ten year plans seem to be working pretty well. Worth a try.
The narrative was that technical education was old fashioned and those who went down that path were doomed to low wage jobs. That fitted because the MBA's were sending all the technical jobs to China, our factories were closing and the demand for technical jobs was plummeting.
China went in the other direction by designing an educational system that encouraged vocational education at the expense of low value soft degrees.
Interestingly, Russia had a vocational heavy education system that churned out trades and even had PhDs in vocational trades. Post Soviet Union they dropped that system and adopted the western system that emphasised soft degrees. Fast forward to now and Russia has returned to the old system of vocation heavy degrees.
There's also another mandatory employer contribution that doesn't have a direct analogue in the west - basically a contribution toward an employee's home loan.
"Plan to throw one away. You will anyway." - Fred Brooks, "The Mythical Man Month"