International Trade Centre

International Trade Centre Outline The ITC is a governmental body operating under the joint auspices of GATT and UNCTAD. It initially came into existence in 1964 as an organization supported by GATT and came under the joint auspices of GATT and UNCTAD in 1968. Its main function is to promote…

Customs Transit

The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi…

Bilateral Agreement

In general, any treaty, protocol, or understanding between two nations. The term has particular application in the area of commercial air transportation, where a bilateral agreement is an understanding between two countries permitting the commercial aircraft of one nation to land in and carry […]

Market Access

Summary of Market Access The degree of participation in the domestic market that a nation allows to foreign suppliers. Tariffs, quotas, and similar protective devices are devices imposed to limit market access. (Main Author: William J. Miller) Market Access and National Treatment in the […]

European Investment Bank

Summary of European Investment Bank

A multilateral development bank established in 1958 by the Treaty of Rome for the purpose of assisting in the balanced growth of the European economic community (read this and related legal terms for further details) (EEC). The bank grants long-term loans […]


Benelux Summary of Benelux

An acronym for Belgium-Nether- lands-Luxembourg. Following World War II, the three nations formed a customs union with long- range objectives of establishing a single monetary and fiscal system. The localized objectives of the three Benelux countries were […]

Export Subsidy

Summary of Export Subsidy

A direct payment, tax relief, or other incentive provided by a government to encourage export sales. The use of such devices is apt to be regarded as undesirable by the importing nation and may result in the imposition of Countervailing Duties (read this legal term […]

Universal Postal Union

Universal Postal Union Outline The union was established under the International Postal Convention of 1874. It was then named the General Postal Union. In 1878 it was renamed the Universal Postal Union. It became a specialised, but independent, agency of the UN after 1945. The UPU is a […]

Trade Credit

Credit granted by nonfinancial firms, usually in the form of short-term deferral of payment of invoices by customers, e.g., account open sales. Also, trade credit represents the purchase of a firm's accounts receivable or trade acceptances….

Collective Farm

A communal farm on which the land and heavy machinery are owned by the state, but the other means of production are owned by the participating farmers. Often the member families cultivate a private plot on the farm in addition to the communal plot. Management of the farm is ostensibly controlled by …


Any unit or instrument generally accepted as having value to effect the purchase of goods or services, or to settle debts. All money enjoys three characteristics: (1) it is a unit of account in which values can be measured; (2) it is a medium of exchange; and (3) it is a store of value (i.e., a […]

Mixed Economy

Summary of Mixed Economy

An economy that possesses the elements of both public and private ownership of the means of production.

(Main Author: William J. Miller)

Resources See Also Economy Economic System Legal System Capitalism

Special Drawing Rights

Summary of Special Drawing Rights

An artificial currency unit created by the international monetary Fund (read this and related legal terms for further details), or IMF, to argument international reserves. The expansion of world trade following World War II necessitated an expansion in […]


Legal Materials For an introduction to the Israeli legal system see A Guide to Legal Research in Israelby Michal Tamir, Legal Research Guide: Israel and/or the Israeli Law Guide by Ruth Levush. For more information on Israeli legal materials, see Esther Snyder's Israel: A Legal Research […]

Bank For International Settlements

Bank For International Settlements Summary of Bank For International Settlements An international bank owned and controlled by the central banks of twenty-four European and five non-European central banks. The BIS was formed at the Hague Conference of 1930 in response to pressures for the […]

Basic Needs

Summary of Basic Needs

A code word for official development ASSISTANCE (read this legal term for further details) programs aimed toward the improvement of health care, education, nutrition, and like fundamental services in poorer nations. The basic needs concept has been criticized by some […]

East- West Trade

A general reference to trade between the industrial nations of the West, particularly those nations that are members of the Organization for Economic Cooperation and Development ("">read this and related legal terms for […]

Single Market

Summary of Single Market

A component feature of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community.

(Main Author: William J. Miller)

Single Market and Europe There is an entry on single market in the European […]


Summary of Underdevelopment

A condition in which a nation's per capita real income is significantly below that enjoyed in the industrialized world, and where national income is inadequate to provide the investment capital essential to expand the economy. In addition, most underdeveloped […]

Economic Community of West African States

Economic Community Of West African States Summary of Economic Community Of West African States

An organization of sixteen West African states committed to the elimination of trade barriers among the member states and the promotion of economic development in the region. Formed at Lagos, […]


Used as a noun, a vessel. The term is used in conjunction with vessels under construction or already afloat; a newly launched vessel is said to be a new building….

Intellectual Property

Summary of Intellectual Property Intellectual Property is, according withWilliam J. Miller, a general term covering industrial property such as patents, trademarks, and trade names, as well as literary and artistic property, including copyrights. Consideration of the meaning of the word […]

Diplomatic Immunity

An immunity from local laws and regulations accorded by host states to accredited foreign diplomats. It is recognized in international law that diplomatic officers are the personal representatives of sovereign states and, as such, are themselves inviolable on the same basis as the states they […]

Industrial Property

Summary of Industrial Property

Intangible property such as patents and trademarks.

(Main Author: William J. Miller)

Spanish Translation of industrial property This is the legal translation of English to Spanish in relation to industrial property and / or a definition of this […]

Coup D'etat

Summary of Coup D'etat

The overthrow of an established government by an insurgent group of forces within the government itself. A coup differs from a revolution in that a revolution implies a general uprising of the population, or at least widespread support through the nation for the […]

International Telecommunication Union

International Telecommunication Union Outline The ITU was established in 1865 in Paris. It became a specialized agency of the UN in 1947. Its main function is to coordinate international cooperation in the area of telecommunications. It promotes international cooperation through various […]

Arab League

Summary of Arab League

An association of independent Arab states formed for the purpose of advancing cooperation among the members in political, economic, and social matters. The league, formed in Cairo in 1945, has a permanent council and secretariat. A principal objective of the league […]

Intervention Price

The price at which the European Economic Community, in accordance with the Common Agricultural Policy (read this and related legal terms for further details), will intervene in the market to buy excess agricultural produ…


The process of selling or transferring a bill or note at an amount less than the face value. A bill that matures at a future date is normally discounted by multiplying the number of days to maturity by the interest rate in effect at the time the face amount of the instrument was obtained, and deduct…


Summary of Deflation

A decline in the general level of prices, attributable to excessive savings or other factors that have reduced consumption relative to the supply of goods available. Very often, deflation is reflected during the decline phase of the business cycle. There has been no […]


A shallow draft, walled-in marine conveyance used to haul cargo, usually in bulk. A barge may be self-propelled, although it is more commonly pulled or pushed by a tug or other vessel. Barges are used principally on inland waterways, although some oceangoing vessels are specially equipped to carry b…


Summary of Arbitrage

The practice whereby foreign exchange or commodities are purchased in one market at lower cost and rapidly traded off in another, higher cost market. For example, if the pound sterling sells for $1.50 in Paris, but only $1.45 in New York, an arbitrageur could buy […]

Asian Development Bank

Summary of Asian Development Bank

A multilateral development bank formed in 1966 to provide capital to Asian and Pacific countries to expand their economic infrastructure and industrial base. Capital is contributed to the bank by its members, which include both regional, i.e., Asian, and […]

Council of Europe

Hello Council Of Europe Summary of Council Of Europe

An association of twenty- one European states formed to identify and collectively pursue areas of common interest, and to provide a forum for the articulation of European unity. The council was formed by treaty in London on May 5, 1949; […]

Double Taxation

Summary of Double Taxation

The condition that arises when a multinational firm is taxed on overseas income in both the source country and the country of the corporation's domicile. This problem arises because nations use varying systems of taxation. Recognizing that double taxation is […]

Arab Common Market

Arab Common Market Outline The ACM came into existence in 1965, pursuant to an agreement signed in 1964 by the Arab League states. Its initial members included Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine Liberation Organisation, Somalia, Sudan, Syria, United Arab Emirates, Yeme…


Summary of Classification The process of determining which product category of the tariff schedules applies to a given imported item. There are more than 7,300 categories in the tariff schedules of the UNITED STATES (read this and related legal terms for further details) and, with very few […]


In insurance industry usage, funds set aside to satisfy claims which have arisen but not yet paid. Such reserves fall into two categories: (11 Those arising from claims made upon the insurer but not yet actually paid; and (2) claims which have been incurred but not yet reported. In the latter case, …

Risk Management

Summary of Risk Management

The application of management techniques to identify, quantify, and respond to threats of loss or damage to a firm's assets. Such threats may arise from random events such as fire, explosion, theft, and acts of nature, or from the conscious efforts of external […]