How to limit network bandwidth?

We are hosting an application on remote server. We need to test it with a limited network bandwidth (for users with bad Internet access). Can I limit my internet bandwidth? For instance: 128 KB per second. This question focuses on system-wide or container-wide solutions on Linux. See https://unix.stackexchange.com/questions/39384/limiting-a-specific-shells-internet-bandwidth-usage for process- or session-specific solutions.