I think it's a collapsed margin.
Only the largest margin between the bottom of the first element and the top of the second is taken into account.
It is quite normal to don't have too much space between two paragraphs eg.
You cannot avoid that with two adjacent elements so you have to enlarge or reduce the larger margin.
EDIT: cf. W3C
Two margins are adjoining if and only if:
- both belong to in-flow block-level boxes that participate in the same block formatting context
- no line boxes, no clearance, no padding and no border separate them
- both belong to vertically-adjacent box edges
So there is no collapsing with float
which takes the element out of the flow.
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