race to the bottom

Noun

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

Translations

 * Chinese:
 * Mandarin: 比爛
 * Dutch: race naar de bodem, wedloop naar de bodem
 * Finnish: kilpasyöksy
 * Italian: gioco a somma negativa
 * Spanish: carrera hacia el abismo
 * Vietnamese: đua xuống đáy