I agree with you, but I really don't like the term "race to the bottom" - it's is just a fear-mongering term for competition and the inconvenience and sometimes embarrassment that comes with the realization that something you thought you were good at can actually be done cheaper and better.
"The bottom" is the best service/price tradeoff (with the desired service level delivered as efficiently as possible, ie. at the lowest price).
Ireland luring businesses with a low tax rate and Americans and other higher tax countries complaining about a "race to the bottom" is much more similar to the creative destruction that takes place when say Postgres and MongoDB displace an expensive Oracle DB (and the reactions of both Oracle and high-tax advocates are pretty similar).
I agree that "race to the bottom" is often abused when all that is really at issue is competition. However, it is applicable when it's undermining ability to deal with externalities. When the pressure is "who makes their air unbreathable fastest", calling it a "race to the bottom" seems perfectly appropriate and like something we want to avoid.
"The bottom" is the best service/price tradeoff (with the desired service level delivered as efficiently as possible, ie. at the lowest price).
Ireland luring businesses with a low tax rate and Americans and other higher tax countries complaining about a "race to the bottom" is much more similar to the creative destruction that takes place when say Postgres and MongoDB displace an expensive Oracle DB (and the reactions of both Oracle and high-tax advocates are pretty similar).