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:
“Why should a man desire in any way
To vary from the kindly race of men,
Or pass beyond the goal of ordinance
Where all should pause, as is most meet for all?”
—Alfred Tennyson (1809–1892)
“My mind is troubled, like a fountain stirred,
And I myself see not the bottom of it.”
—William Shakespeare (1564–1616)