Dic/ usages/ race to the bottom

1.

The situation in which companies and countries try to compete with each other by cutting wages and living standards for workers, and the production of goods is moved to the place where the wages are lowest and the workers have the fewest rights. 

... http://lexicon.ft.com/Term?term=race-to-the-bottom

(출처: Longman Business English Dictionary)

2.

a situation in which companies compete with each other to reduce costs by paying the lowest wages or giving workers the worst conditions.

• They wanted to stop a "race to the bottom" of auto companies outsourcing work to non-union workers and moving operations overseas.

... http://dictionary.cambridge.org/dictionary/english/race-to-the-bottom

3.

The race to the bottom is a socio-economic phrase which is used to describe government deregulation of the business environment or taxes in order to attract or retain economic activity in their jurisdictions. An outcome of globalization and free trade, the phenomenon may occur when competition increases between geographic areas over a particular sector of trade and production. ( ... ... )

... https://en.wikipedia.org/wiki/Race_to_the_bottom