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:
“No person who examines and reflects, can avoid seeing that there is but one race of people on the earth, who differ from each other only according to the soil and the climate in which they live.”
—J.G. (John Gabriel)
“I am walking over hot coals suspended over a deep pit at the bottom of which are a large number of vipers baring their fangs.”
—John Major (b. 1943)