race to the bottom gets a lot easier to see with real examples.
fast fashion is one. global brands keep looking for cheaper production, and bangladesh became a major manufacturing hub partly because of extremely low wages and weak labor protections. academics have literally used its garment industry as an example of the race to the bottom.
another version happened with amazon’s hq2. cities basically competed to win amazon by offering huge incentives. new york offered a package worth nearly $3 billion and virginia offered up to $773 million. the new york deal eventually collapsed after political backlash.
different industries, same weird dynamic: everyone competes to offer more by asking for less in return.
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