Related Entries of the International Encyclopedia:

1. Market Power Market Power and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Power: The ability of an individual firm to exert control over prices prevailing in the markets for its products or services. The highest [...]...
2. Imperfect Competition Imperfect Competition and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Imperfect Competition: When an industry is marked by imperfect competition, market prices send "incorrect signals" regarding [...]...
3. Export Trading Company Export Trading Company and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Export Trading Company: (Also known as an export management company.) A private firm that provides related-related services to other [...]...
4. Restrictive Business Practices Restrictive Business Practices and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Restrictive Business Practices: Actions of private or public enterprises --such as collusion among the leading international [...]...
5. Deadweight Loss Deadweight Loss and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Deadweight Loss: The net cost to society due to market imperfections or government interventions such as trade restrictions --i.e., losses by [...]...
6. Airbus Airbus and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Airbus: Refers to commercial aircraft produced by Airbus Industry, a government- backed consortium comprising Aerospatiale (France), Daimler [...]...
7. Economies of Scope Economies of Scope and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economies of Scope: Cost savings that occur when reductions in average total costs can be achieved by increasing the number of distinct [...]...
8. Rules-Oriented Trade Policy Rules-Oriented Trade Policy and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Rules-Oriented Trade Policy: An idealized approach to trade policy under which governments establish a set of rules for the [...]...
9. Price Discrimination Price Discrimination and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Price Discrimination: The practice of charging unequal prices to different buyers of products that are essentially identical, when such [...]...
10. Consortium Summary of Consortium A multiparty commercial undertaking, differing from a joint venture by virtue of the comparatively large number of participants.(Main Author: William J. Miller) Consortium and International Trade Economy In relation to international trade economy, [...]...
11. The Conference Board The Conference Board in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of The Conference Board: An organization of senior executives from various industries worldwide that sponsors conferences and reports on [...]...
12. Cutthroat Competition A discriminatory pricing practice whereby one vendor deliberately reduces prices to a low level with the object of driving out competition, thereby creating a monopoly or dominant market share. In the United States such practices are banned, although they are often employed in foreign countries.......
13. Predation Predation and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Predation: In international trade contexts, an aggressive pricing strategy in which a foreign producer prices below cost to drive domestic firms [...]...
14. Entente Literally, "an agreement." In political usage, an understanding among governments as represented by accords on important areas. Commercially, the term is used on the Continent as a synonym for a cartel.......
15. C.I.F. C.I.F. and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of C.I.F.: An abbreviation (for "costs, insurance, and freight") used in international trade statistics and sales contracts. Transactions on [...]...
16. Agglomeration Economies of Agglomeration and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economies of Agglomeration: Cost savings that occur when industrial flm1s are located in close proximity to each other and are [...]...
17. Screwdriver Assembly Screwdriver Assembly and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Screwdriver Assembly: The export of components to manufacturing subsidiaries or...
18. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
19. Soft Loan A loan repayable by a foreign borrower in a Soft Currency (read this and related legal terms for further details). Such loans usually have been the product of long-term sales to countries without hard currency repayment ......
20. Deindustrialization Deindustrialization and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Deindustrialization: A term denoting a negative impact of international competition on the overall size of a country's manufacturing [...]...
21. Rent-Seeking Rent-Seeking and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Rent-Seeking: In international trade contexts, refers to the economically unproductive practice of individuals, firms, and industries investing [...]...
22. Unrequited Transfer A transfer payment, ie., the transfer of assets from one nation to another without expectation of recompense.......
23. Industrial Targeting Industrial Targeting and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Industrial Targeting: Selection by a government of industries deemed imponant to the evolution of the economy, and encouraging their [...]...
24. Trade Diversion The shift in purchases from sources outside a free-trade area (within which tariffs have been eliminated) to a union member, even though the cost of purchasing outside the union (before duty) is less than procuring from within. The absence of duty among members of the free- trade area more than [...]...
25. Turnover Summary of Turnover The rate at which sales occur, relative to the capital employed. For example, if sales are one million dollars, and capital employed is one hundred thousand, the capital turnover is ten.(Main Author: William J. Miller) Turnover and International Trade Economy [...]...
26. Administrative Guidance Administrative Guidance (Gyosei-Shido) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Administrative Guidance (Gyosei-Shido): A system of industrial policy used in Japan since the early 1960s. The term [...]...
27. Tying Contract Tying Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Tying Contract: (Also known as a tie-in contract or bundling.) A restraint of trade ~ arrangement by which a product can be purchased only [...]...
28. Futures Contract Futures Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Futures Contract: A contract for goods, foreign exchange, or financial assets to be delivered at a certain future date on terms and at [...]...
29. Short-Term Capital Short-Term Capital Transactions and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Short-Term Capital Transactions: An element of a country's balance of payments that reflects loans granted to or received [...]...
30. Dual-Use Dual-Use Goods (or Technology) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Dual-Use Goods (or Technology): Refers to products or the technology embodied in those products that are intended primarily [...]...
31. Economic Rent Economic Rent and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economic Rent: The gain to a producer or resource owner resulting from a trade barrier or other restriction of supply that leads to a higher [...]...
32. National Champions National Champions and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of National Champions: Firms that are the focus of government efforts to consolidate a national industry through industrial targeting. Such [...]...
33. Conventional International Law International law that has arisen as the product of treaties or formal agreements among nations, as compared with international law that has developed through custom and usage over time.......
34. Competitive Policies and Practices Competitive Policies and Practices and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Competitive Policies and Practices: Actions by governments or firms to affect their competitive performance in [...]...
35. Structural Adjustment Policies Structural Adjustment Policies and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Structural Adjustment Policies: Measures --such as worker re-training and placement, capital formation, and R&D support [...]...
36. Standardized Product A product marketed worldwide without substantial variation in the product's composition or appearance. Product standardization helps in achieving significant economies of scale. See differentiated product.......
37. Track Track I and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Track I: Designation for consolidated negotiating activities in the final phase of the Uruguay Roundconcerning market access in goods....
38. Allocation Cartel An agreement among firms in a particular industry by which each participant is assigned certain customers or areas within which it will be the exclusive or principal supplier.......
39. Trade Balance J-Curve and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of J-Curve: The expected adjustment path in a country's trade balance following a currency depreciation or devaluation. Because a change in the [...]...
40. Export Platforms Export Platforms and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Export Platforms: Refers to countries such as Mexico, Taiwan, Singapore, Malaysia, and South Korea that established incentive programs [...]...
41. Structural Change Structural Change and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Structural Change: Changes in the relative importance of different sectors of an economy over time, usually measured in terms of their [...]...
42. Economic Profit Economic Profit and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economic Profit: The amount by which a producer's income exceeds total operating costs, including the cost of capital provided by the [...]...
43. Administered Pricing A condition in which the prices of certain goods and/or services are determined by governmental authority, supplier cartels (legal or illegal), or trade associations, and not by market forces. The purpose of administered pricing is to eliminate price competition or to maintain price stability [...]...
44. Horizontal Integration Summary of Horizontal Integration Also known as horizontal expansion, the expansion of a firm through the acquisition of additional production capacity in its primary field. For example, a shipping company may expand horizontally by acquiring other vessels on the same trade route.(Main [...]...
45. Economies of Scale Economies of Scale and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economies of Scale: (Also known as increasing returns to scale.) Cost savings that occur in production processes where higher output [...]...
46. Technology Policy Technology Policy and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Technology Policy: Government measures or programs to promote innovation and adoption of new technologies in key industries. Such tools [...]...
47. Learning Curve Learning Curve and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Learning Curve: A technological regularity observed in many leading-edge industries, in which the marginal cost of production tends to fall as [...]...
48. Innovation Systems Innovation Systems and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Innovation Systems: The network of public- and private-sector institutions that initiate or import, modify, and diffuse new technology in [...]...
49. Commodity Agreement Commodity Agreement and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of Commodity Agreement: A formal international arrangement among exporters and importers of a commodity. Such [...]...
50. MOF MOF in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of MOF: Ministry of Finance (various countries)....
51. Offshore Production Offshore Production and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Offshore Production: Manufacturing activities and assembly operations of foreign subsidiaries or affiliates. Beginning in 1963, US [...]...
52. Shakeout Shakeout and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Shakeout: A condition that may occur as a result of innovation or technological change in a competitive industry. Because the introduction of new [...]...
53. Technology Driver Technology Driver and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Technology Driver: A product with a relatively simple design which a manufacturer may produce in high volume in order to hone its skills [...]...
54. Externalities Externalities and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Externalities: Spillover benefits or costs arising from an economic activity that are not taken into account by producers, resulting in levels [...]...
55. Trade Negotiations Committee Trade Negotiations Committee (TNC) in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of Trade Negotiations Committee (TNC): The steering group established at the outset of the GA 1TUruguay Round (Sec. I) to [...]...
56. Standard Industrial Classification SIC (Standard Industrial Classification) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of SIC (Standard Industrial Classification): The basic system used by the US Commerce Department to categorize similar [...]...
57. Southern Common Market Southern Common Market in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of Southern Common Market: Mercado Common del Sur (MERCOSUR) or Mercado Comum do Sui (MERCOSUL). A common market including Argentina, [...]...
58. Schedule B Schedule B and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Schedule B: The classification system in which US export data are recorded according to 4,500 seven-digit product categories. Schedule E is the [...]...
59. Buffer Stock Summary of Buffer Stock A commodity stockpile controlled by one or more nations for the purpose of stabilizing world prices of that particular commodity. The commodity is released into the market as world prices increase and is purchased for the stockpile as prices decline. The [...]...
60. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ContentsConference on Straddling Fish Stocks and Highly Migratory Fish StocksConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned in these ... Read more...
61. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 2 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
62. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 3 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
63. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 4 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
64. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 5 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
65. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 6 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
66. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 7 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
67. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 8 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
68. Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks 9 Contents Conference on Straddling Fish Stocks and Highly Migratory Fish Stocks ConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and Reviewer/sMentioned ... Read more...
69. Agreement Concerning Measures for the Protection of the Stocks of Deep Sea Prawn ContentsAgreement Concerning Measures for the Protection of the Stocks of Deep Sea PrawnConclusionNotesSee AlsoReferences and Further ReadingAbout the Author/s and ... Read more...
70. Balance of Payments Balance Of Payments Summary of Balance Of Payments The sum owed to or by a nation as the result of its international transactions during a given time period, usually one year. The balance of payments is calculated by subtracting the nation's total payments to foreigners from total [...]...
71. Barter Summary of Barter A direct exchange of products without cash. In some cases, a third party is brought into the transaction to dispose of some or all of the goods in a third country; this practice is known as switch trading. See Countertrade.(Main Author: William J. Miller) Barter [...]...
72. Bundling Bundling and International Trade Economy Resources See Also tying contract...
73. Free Trade Introduction Free Trade, interchange of commodities across political frontiers without restrictions such as tariffs, quotas, or foreign exchange controls. This economic policy contrasts with protectionist policies that use such restrictions to protect or stimulate domestic industries. See [...]...
74. Protectionism Protectionism Definition Protectionism may be defined as government policies that favor domestic products over imported goods. The debate between protectionism and free trade has been a continuing issue in United States politics. Meanings For information on: * systematic protectionism [...]...
75. Cabotage Summary of Cabotage Literally, coastwise navigation, generally used to denote the proscription of foreign flag vessels in a nation's coastwise trade. Since an act of Congress in 1817 (2 Stat. 351), the coastwise trade of the United States has been reserved exclusively to American [...]...
76. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
77. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
78. Commercial Risk The risk borne by an exporter that his foreign customer may be unable to pay for merchandise imported under open account terms. Commercial risk is contrasted with political risks, which arise from governmental actions and are unrelated to the financial condition or credit-wor- thiness of the [...]...
79. Commodity Summary of Commodity A nondifferentiated product produced with commonly available technology.(Main Author: William J. Miller) The Legal History of Commodity in Islamic Law This section provides an overview of Commodity in Islamic Law Commodity in International Trade Meaning of [...]...
80. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
81. Current Account Summary of Current Account An entry in a nation's balance of payments accounts reflecting the purchase of goods or services for consumption immediately or in the near future. See Balance of Payments.(Main Author: William J. Miller) Current Account and International Trade [...]...
82. Devaluation Summary of Devaluation The official reduction of the value of a nation's money in relation to a standard (usually gold), special drawing rights, or the U.S. dollar. Inasmuch as all currencies are ultimately valued in terms of some standard, devaluation results in the conscious increase [...]...
83. Export Management Company A private company that serves as the export department of other firms, usually small- and medium-size manufacturers. An EMC will provide a variety of services for its clients, to include locating customers abroad, arranging transportation and financing for the merchandise, developing foreign [...]...
84. Import Substitution Summary of Import Substitution The act of eliminating imports of a given product by commencing production locally, often accompanied by controls such as increased duties, quotas, or outright bans to discourage or prevent continued foreign imports. This approach is fairly common on the part [...]...
85. Joint Venture Summary of Joint Venture A business enterprise with more than one equity participant; for example, an agreement between a German firm and a U.S. firm to capitalize jointly a new factory in Venezuela. Many countries impose restrictions on joint ventures; these restrictions may take the form [...]...
86. Oligopoly Summary of Oligopoly Literally, a market in which there are only a few sellers of a given product or service. Under oligopolistic conditions, no one seller can establish market prices, except in concert with the other suppliers; if such concerted action develops, the suppliers are operating [...]...
87. Patent Summary of Patent A grant issued by a governmental authority to an inventor permitting, for a fixed number of years, an exclusive right to the invention. The grant includes the prerogative of preventing others from making, using, or selling the invention covered. Through various [...]...
88. Portfolio Investment A minority interest in a foreign venture from which income is derived in the form of dividends; normally such an interest does not convey any significant control over the management or operations of the foreign firm.......
89. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
90. Terms of Trade Summary of Terms of Trade An export-import price ratio derived by dividing indices of export prices by indices of import prices. For example, when export indices are 105 percent of a base period, and import indices are 98 percent of the same base period, then the terms of trade [...]...
91. Trade Barrier Summary of Trade Barrier Constraints upon the exchange of goods among nations imposed by governments; such constraints are manifested in the form of tariffs, quotas, exchange controls, and a variety of so-called nontariff barriers. Barriers usually arise to protect domestic industries, [...]...
92. Trademark A device, symbol, or word used by a firm to distinguish its products from those of other manufacturers. The object of trademarks is to permit brand identification of products, which may permit a more ready market acceptance of current and new products. Trademarks are protected in the United [...]...
93. Trading Company A firm engaged in the purchase, distribution, and marketing of products in international trade. Generally, the trading company deals with products of unrelated firms as well as the manufacturers of joint ventures in which it is involved.......
94. Depreciation Other Popular Tax Definitions in the World Legal Encyclopedia Adjusted Gross Income (sometimes, including Depreciation) "https://lawin.org/Ad-valorem-tax/" target="_blank"......
95. Globalization Globalization Further Reading A concise encyclopedia of the United Nations (including Globalization , H Volger, KA Annan -2010) The Oxford Handbook on the United Nations (TG Weiss - 2007) International Law: A Dictionary (including Globalization , Boczek, Boleslaw Adam -2005) Globalization [...]...
96. Trade Secret Trade Secret and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Trade Secret: A form of industrial property (Sec. I). Refers to a non-patented process, mechanism, or formula, known only to its owner, that [...]...
97. Comparative Advantage Revealed Comparative Advantage and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Revealed Comparative Advantage: A measure of relative competitive performance of a country's exporters of a particular [...]...
98. Turnkey Contract Turnkey Contract and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Turnkey Contract: An arrangement under which a contractor assumes responsibility to a client for constructing productive installations and [...]...
99. Fair Trade Fair Trade and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Fair Trade: International trade involving shipments that do not benefit from government assistance. Fair trade --and the related concept of unfair [...]...
100. Technology Transfer Technology Transfer and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Technology Transfer: The diffusion of practical knowledge from one enterprise, institution or country to another. Technology may be [...]...
101. Retaliation Beggar- Thy-Neighbor Policy and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Beggar- Thy-Neighbor Policy: Unilateral measures taken by a country to improve internal economic conditions --such as through [...]...
102. Bilateralism Bilateralism and International Trade Economy Bilateralism in International Economic Law This section provides an overview of bilateralism within the legal context of Historical Perspective in international economic law. Resources Further Reading Meredith Kolsky Lewis, "Bilateralism in [...]...
103. Arbitrage 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 [...]...
104. Blockade Summary of Blockade An interdiction of maritime traffic to and/or from a given port or nation by the naval forces of another nation. Blockades usually arise out of declared war or other belligerent condition between the country whose area is blockaded and the country whose forces have [...]...
105. Boycott Summary of Boycott A conspiracy or coalition for the purpose of impeding the commerce of another. Boycotts are often attempts to advance political objectives by economic means and fall into two categories; the primary boycott, in which a party to the boycott refrains from trading with the [...]...
106. Complementary Exporting An arrangement in which a manufacturer markets his products internationally through the distribution channel of another firm, usually a manufacturer of similar but noncompetitive products.......
107. Cross-licensing An arrangement in which one firm grants to another licenses to exploit proprietary rights in its patents or trademarks, secret processes, et cetera, in return for similar licensure to use the rights or processes of the recipient firm.......
108. Defensive Investment An investment undertaken to protect larger commercial interests rather than for the return that the investment itself generates.......
109. Economic Nationalism A conscious, articulated national drive toward economic self-sufficiency. Economic nationalism is comparable to Autarchy (read this and related legal terms for further details) but does not mandate the economic isolation......
110. ECU Ecu Summary of Ecu The European Monetary System is considered here.(Main Author: William J. Miller) ECU and International Trade Economy ECU (European Currency Unit) and Europe There is an entry on ecu (european currency unit) in the European legal encyclopedia. ECU and the [...]...
111. Effective Rate of Protection The net protection afforded by a nation's tariff system to any given domestic product. For example, the higher the rate of duty, the greater the protection against foreign imports; conversely, as rates are increased on raw materials or production inputs, the costs of domestic production are [...]...
112. Political Risk An economic risk assumed by foreign creditors that political or military conditions in a debtor's country may preclude settlement of the obligation when due.......
113. Price Supports A program of governmental action designed to stabilize or lift the price that producers receive for their products. These actions may include direct cash payments, government purchase of output to force up market prices, or special financing. Such supports are most commonly applied to agriculture.......
114. Repatriation Summary of Repatriation The transfer of investment proceeds or the return of capital from a foreign country back to the home country of the investor.(Main Author: William J. Miller) Repatriation and International Trade Economy In relation to international trade economy, [...]...
115. Specialization Agreement Also known as a rationalization agreement, an arrangement among competing manufacturers of like products that each will sell only certain products, thereby providing each participant in the agreement a dominant position for a given product.......
116. Standard International Trade Classification A system for capture of international trade statistics developed under the auspices of the United Nations. The original SITC was adopted by the Economic and Social Council of the United Nations in July 1950. By 1960 many nations were compiling data on a commodity basis; coincidental with the [...]...
117. Structural Adjustment Lending World Bank program designed to assist developing nations with balance of payments problems resulting from correctable internal economic patterns. The program provides hard currency loans conditional upon agreement by the beneficiary country to undertake certain specified corrective measures, [...]...
118. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
119. Value Added Tax Summary of Value Added Tax A tax imposed upon the value added to a product at each stage of the production process. The tax is applicable to all goods, from primary to consumer products. Each processor in the chain of production pays the tax in the purchase price of the goods, applying the [...]...
120. Vertical Integration Summary of Vertical Integration Also known as vertical expansion, the incorporation into a business or economy of earlier or subsequent stages in the channel of production. For example, a chemical producer may undertake (backward) vertical integration by producing its own petroleum as raw [...]...