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race to the bottom - definition and synonyms


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noun economics     race to the bottom pronunciation in British English
/ˌreɪs tə ðə ˈbɒtəm/
  1. a situation in which companies compete with each other to pay workers as little as possible and produce goods and services as cheaply as possible

    A race to the bottom is forcing entire countries and their workforces to compete against each other for trade and investment.

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a description of an economic or political situation based on analysis of information at the present time

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an unregulated form of capitalism that features financial deregulation, privatisation and low tax for high earners

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