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:
“Before we shall again behold
In his diurnal race the world’s great eye,
We may as silent be and cold
As are the shades where buried lovers lie.”
—Sir William Davenant (1606–1668)
“They have their belief, these poor Tibet people, that Providence sends down always an Incarnation of Himself into every generation. At bottom some belief in a kind of pope! At bottom still better, a belief that there is a Greatest Man; that he is discoverable; that, once discovered, we ought to treat him with an obedience which knows no bounds. This is the truth of Grand Lamaism; the “discoverability” is the only error here.”
—Thomas Carlyle (1795–1881)