Because it would lead to hindering economic growth, especially in developing nations, more poverty, and more tyrannical governments. And if your nation adopts

Because it would lead to hindering economic growth, especially in developing nations, more poverty, and more tyrannical governments. And if your nation adopts those policies, and another one doesn't and increases, you're much worse off. It's basically a prisoner's dilemma on a geopolitical scale, and there's no single guaranteed strategy to win it.