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:
“Many times man lives and dies
Betweeen his two eternities,
That of race and that of soul,
And ancient Ireland knew it all.
Whether man die in his bed
Or the rifle knocks him dead,”
—William Butler Yeats (1865–1939)
“The disesteem into which moralists have fallen is due at bottom to their failure to see that in an age like this one the function of the moralist is not to exhort men to be good but to elucidate what the good is. The problem of sanctions is secondary.”
—Walter Lippmann (1889–1974)