race to the bottom English

Meaning race to the bottom meaning

What does race to the bottom mean?

race to the bottom noun

— (economics) A situation in which competition between governments leads to very excessive (harmful) deregulation.

— A situation in which competition between entities leads to elimination of perks or amenities, often in the interest of cutting costs.

— Any situation in which multiple parties are seemingly competing to achieve the greatest level of mediocrity.