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:
“Ah, little road, brown as my race is brown,
Your trodden beauty like our trodden pride,
Dust of the dust, they must not bruise you down.
Rise to one brimming golden, spilling cry!”
—Helene Johnson (b. 1907)
“On her left breast
A mole cinque-spotted, like the crimson drops
I’ th’ bottom of a cowslip.”
—William Shakespeare (1564–1616)