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.
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Famous quotes containing the words race and/or bottom:
“No race can prosper till it learns there is as much dignity in tilling a field as in writing a poem.”
—Booker T. Washington (1856–1915)
“Death’s at the bottom of everything, Martins. Leave death to the professionals.”
—Graham Greene (1904–1991)