The race to the bottom is a socio-economic concept that is argued to occur between countries, states, provinces or territories as an outcome of globalization, free trade, neoliberalism or economic deregulation. When competition becomes fierce between geographic areas over a particular sector of trade and production, governments are given increased incentive to cut business regulations, labor standards, environmental laws and business taxes. The phrase "race to the bottom" is typically used by anti-globalization activists and those supporting fair trade.
Read more about Race To The Bottom: Theory, History and Usage
Famous quotes containing the words race and/or bottom:
“Gossip isn’t scandal and it’s not merely malicious. It’s chatter about the human race by lovers of the same. Gossip is the tool of the poet, the shop-talk of the scientist, and the consolation of the housewife, wit, tycoon and intellectual. It begins in the nursery and ends when speech is past.”
—Phyllis McGinley (1905–1978)
“The forgotten man at the bottom of the economic pyramid.”
—Franklin D. Roosevelt (1882–1945)