Simple English definitions for legal terms
Read a random definition: pro forma amendment
Term: Race to the bottom
Definition: When people or groups try to win by giving up more and more, it can lead to bad things happening. This is called a race to the bottom. Sometimes, governments try to get more businesses by making things easier for them, like letting them pay less taxes or treat their workers worse. But this can hurt the workers and the economy in the long run.
Related terms: Protectionism, Free trade
Definition: A situation where parties compete with each other to achieve a desired outcome by making bigger and bigger concessions. This can lead to negative consequences that may not be noticed until it is too late to change course. Some people believe that a race to the bottom happens when governments try to attract businesses by lowering labor standards or corporate taxes.
In both of these examples, the parties involved are competing with each other to achieve a desired outcome. However, in doing so, they are making bigger and bigger concessions that can have negative consequences. In the first example, the winning company may have to cut corners to make a profit, which could lead to a poorly built bridge. In the second example, the government may not be able to provide basic services because they have lowered their tax rates too much.