race to the bottom

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race to the bottom

A situation in which striving to have the lowest possible prices in order to attract the highest number of customers also drives down standards of the product or service, worsens conditions for workers in the industry, and ultimately leads to problems for everyone. Economists worry that deregulation will lead to a race to the bottom in the industry, costing hundreds of thousands of people jobs as companies rush to cut costs and maximize profits.
See also: bottom, race

a/the ˌrace to the ˈbottom

(business) the idea that economic competition will lead to lower standards, worse conditions for workers, and workers in some countries losing their jobs to lower-paid workers in other countries: They fear that globalization only creates a race to the bottom.
See also: bottom, race