With a globalized economy, does it make sense for every country to have a manufacturing base for every industry? Especially for a country with small/moderately

With a globalized economy, does it make sense for every country to have a manufacturing base for every industry? Especially for a country with small/moderately sized population like Canada? I agree though, the government has been short sighted and procurement of ships, planes has been a debacle for years. It seems that either way a lot of money is going to be burnt, either by propping up a non-competitive industry locally, or burnt buying something insanely expensive like F-35s from an ally.