Definitions from Wiktionary (race to the bottom)

▸ noun:  (economics) A situation in which competition between governments leads to very excessive (harmful) deregulation.
▸ noun:  A situation in which competition between entities leads to elimination of perks or amenities, often in the interest of cutting costs.
▸ noun:  Any situation in which multiple parties are seemingly competing to achieve the greatest level of mediocrity.



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