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:
“If this bureau had a prayer for use around horse parks, it would go something like this: Lead us not among bleeding-hearts to whom horses are cute or sweet or adorable, and deliver us from horse-lovers. Amen.... With that established, let’s talk about the death of Seabiscuit the other night. It isn’t mawkish to say, there was a racehorse, a horse that gave race fans as much pleasure as any that ever lived and one that will be remembered as long and as warmly.”
—Walter Wellesley (Red)
“The reason we do not let our friends see the very bottom of our hearts is not so much distrust of them as distrust of ourselves.”
—François, Duc De La Rochefoucauld (1613–1680)