This "race to the bottom" argument is so tired. The only way you can make that argument is if you don't consider the welfare of all 7.6 billion people on this planet as worth improving.
Generally people live more comfortable leisurely lives now than at any point in human history. This is largely thanks to capitalism. I understand that not everyone's life is great yet, but for the most part the number of people in poverty or extreme poverty keeps decreasing.
For the most part, the overwhelming majority of people's whose lives are worse today than in the past, it is because they are competing with others who are willing to do it for less because even doing it for less, it's a lot better than their alternatives. Those who are worse off now are almost invariably still better off than those that were at the bottom of the barrel that are now doing better.
Basically capitalism is a rising tide that has for the most part raised all boats. That is far from a race towards the bottom.