I agree with everything in your comment save for a small quip about terminology. When you wrote "as some failing of capitalism", I believe the economic concept

I agree with everything in your comment save for a small quip about terminology. When you wrote "as some failing of capitalism", I believe the economic concept of "market forces" would have conveyed the same message better, compared to the larger concept of capitalism, which is essentially a political ideology that can trigger disagreement from people who have benefited from competing political ideologies like socialism. Essentially, what I'm getting at is that a race to the bottom can happen as long as there are market forces at play, even if the society itself is not running a pure capitalist system like China (which IMHO is a cross between capitalism + communism vs. capitalism + democracy). For instance, Uber China was forced to quit in 2016. They sold to rival Didi Chuxing because they couldn't keep up with the race to the bottom by them.