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 to the, race and/or bottom:
“Young women ... you are, in my opinion, disgracefully ignorant. You have never made a discovery of any sort of importance. You have never shaken an empire or led an army into battle. The plays by Shakespeare are not by you, and you have never introduced a barbarous race to the blessings of civilization. What is your excuse?”
—Virginia Woolf (1882–1941)
“The technologist was the final guise of the white missionary, industrialization the last gospel of a dying race and living standards a substitute for a purpose in living.”
—Max Frisch (1911–1991)
“The reason why men do not obey us, is because they see the mud at the bottom of our eye.”
—Ralph Waldo Emerson (1803–1882)