I have yet to hear of an economic model that humans have discovered which is better than free market capitalism.
The issue isn't the cheap junk; it's the demand for the cheap junk. Things would be far more sustainable if people focused on reducing their consumption habbits, as producers would be run out of business.
The free market is probably the best we are going to get, but we need to address some of its known failure modes: externalities, monopolies, and the imbalance of power between employers and employees.
Externalities: any negative externality upon an involuntarily third party can become illegal via law. This can cover things like littering, servitude, etc.
Monopolies: the free market has yet to produce a monopoly that increases prices for consumers if there isn't a natural monopoly. The gov deals with allocation of naturally constrained resources such as radio frequencies.
Imbalance of power: just save more. Save enough so you can wake up comfortable with the idea that you were fired overnight. It dissolves any power imbalance when your boss needs you as much as you need the income.
The issue isn't the cheap junk; it's the demand for the cheap junk. Things would be far more sustainable if people focused on reducing their consumption habbits, as producers would be run out of business.