Capital is mobile. It goes where it is welcomed and stays where it is well-treated, so states compete to create tax and regulatory environments conducive to job creation. Liberals call this a "race to the bottom." Conservatives call it a race to rationality.

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Quote text and notes from Wikiquote: George Will (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.