"that are at very different levels of development, then a race to the bottom will ensue"

Given that the world has experienced the fastest / largest reduction in poverty in history, its would seem the race is to the top, not the bottom.

All that Capital flowing like water into those poorer countries raises their living standards which is why China's economy contributes more growth to the world than the larger US Economy.

https://www.youtube.com/watch?v=BNTiE8HXgFo.