Related Entries of the International Encyclopedia:

1. Cost of Capital Cost of Capital and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Cost of Capital: For any given level of corporate risk, the cost of capital faced by f1rn1s in a given country --a key element of their [...]...
2. International Trade Patterns Ricardian Model and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Ricardian Model: A theory for explaining international trade patterns in terms of technological differences among countries and resulting [...]...
3. Absolute Advantage Absolute Advantage and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Absolute Advantage: The ability of a country to supply a particular product or class of goods at lower costs than competing nations. See [...]...
4. Market Performance Market Performance and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Performance: The principal focus of competition policy, market performance refers to the degree to which a particular industry or [...]...
5. F.A.S. F.A.S. and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of F.A.S.: An abbreviation (for "free alongside") used in international trade statistics and t sales contracts; a method of valuing traded [...]...
6. Competitive Advantage Competitive Advantage and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Competitive Advantage: (Not the same as comparative advantage.) A market position established either by providing comparable buyer [...]...
7. Market Structure Market Structure and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Structure: Refers to the structure of an industry or market, as reflected in the number and size distribution of sellers and buyers, [...]...
8. 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 [...]...
9. 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.......
10. 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.......
11. 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.......
12. Differentiation Differentiation and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Differentiation: A key element in firms' competitive advantage. Refers to market conditions in which a product can vary in some [...]...
13. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
14. 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 [...]...
15. Forfeiting Forfeiting and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Forfeiting: A means of financing foreign trade based upon the transfer of debt obligations arising from the sale of goods and services, usually exports....
16. Strategic Partnerships Strategic Partnerships and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Strategic Partnerships: A type of cooperative strategy in which corporate alliances are made between organizations --including between [...]...
17. Quota Rents Quota Rents and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Quota Rents: The increase in profits that accrue to an import dealer (under an import quota) or an exporting firm (under an export quota or [...]...
18. F.O.B. F.O.B. and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of F.O.B.: An abbreviation (for "free on board") used in international trade statistics and sales contracts; a method of valuing traded goods [...]...
19. Liner Conference Liner Conference and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Liner Conference: In maritime transport, a group of shipping companies that jointly ..determine freight charges, sailing frequencies, and [...]...
20. Export-Led Growth Export-Led Growth and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Export-Led Growth: A macroeconomic strategy focusing on expansion of the export sector --such as through export subsidies or competitive [...]...
21. Autarky Autarky and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Autarky: A policy that attempts to create a self-sufficient national economy entirely insulated from international trade, usually for ideological or [...]...
22. Increasing-Returns Industry Increasing-Returns Industry and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Increasing-Returns Industry: An industry requiring an exceptionally large or expensive physical plant, so that economies of scale [...]...
23. Arm's Length Pricing Arm's Length Pricing and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Arm's Length Pricing: The price at which a particular product or service would sell in a transaction between unrelated buyers [...]...
24. 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 [...]...
25. 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 [...]...
26. Competitive Competitive and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Competitive: As applied to internationally traded goods, refers to a country's or a firm's products being preferred by a significant [...]...
27. 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 [...]...
28. 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 [...]...
29. 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 [...]...
30. 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.......
31. 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 [...]...
32. 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....
33. 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 [...]...
34. 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.......
35. 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 [...]...
36. 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, [...]...
37. Economic Vulnerability Economic Vulnerability and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Economic Vulnerability: In the context of trade relations, the proportion of a country's GNP accounted for by exports and imports [...]...
38. 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 [...]...
39. 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 [...]...
40. Adjustment Costs Adjustment Costs and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Adjustment Costs: The economic and social costs of reallocating resources from .domestic industries forced to contract as a result of [...]...
41. State Trading Nations State Trading Nations and the GATT Policy Negotiations In relation to the GATT Policy Negotiations, Christopher Mark (1993) provided the following explanation and/or definition of State Trading Nations: Countries that rely on government entities instead of private corporations to conduct their [...]...
42. 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.......
43. 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)....
44. 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 [...]...
45. Industrial Policy Industrial Policy and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Industrial Policy: A program of selective government interventions designed to change the sectoral composition of a country's economy [...]...
46. Excess Capacity Excess Capacity and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Excess Capacity: Occurs when a firm or industry is operating below cost-minimizing levels of output. "Permanent excess capacity" is [...]...
47. 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 [...]...
48. 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 [...]...
49. 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 [...]...
50. 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......
51. Trade War Introduction to Trade War Trade War, economic tug-of-war between nations in which each side tries to limit the other's exports while flooding the other's market with its own goods." (1) Resources Notes and References Information about "http://lawi......
52. Arab Mahgreb Union Arab Mahgreb Union (AMU) in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of Arab Mahgreb Union (AMU): A moribund common market including Algeria, Libya, Mauritania, Morocco, and Tunisia. founded in 1989. [...]...
53. European Currency Unit (ECU) European Currency Unit (ECU) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of European Currency Unit (ECU): A unit of value based on a "currency basket" comprising specific amounts of the [...]...
54. Vertical Restraints Vertical Restraints and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Vertical Restraints: Anticompetitive restraint of trade arrangements imposed by a firm at one stage in a chain of transactions --usually [...]...
55. Services Services and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Services: Non-manufacturing industries or business activities. Key service industries include accounting and management consulting, advising, [...]...
56. 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 [...]...
57. 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, [...]...
58. International Trade Administration International Trade Administration (ITA) in relation with International Trade In the context of trade organizations, Christopher Mark (1993) provided the following definition of International Trade Administration (ITA): Pan of the US Department of Commerce which administers portions of US [...]...
59. Depreciation (Monetary) A fall in the value of money. This fall may be reflected as (1) internal depreciation, a decline in the domestic buying power of money, as measured by standard indices— if it now costs $110 to buy what $100 would have bought a year ago, the dollar has depreciated by 9 percent (100 divided by 110) ......
60. Accelerated Depreciation Description of Accelerated Depreciation In this reference work, accelerated depreciation is a sort of the Property, Securities category. Resources See Also Accelerated Cost Recovery System Depreciation Resources See Also Depreciation Property Securities...
61. Accrued Depreciation Description of Accrued Depreciation Resources See Also Depreciation (Accumulated depreciation) Resources See Also Accumulated Depreciation Under Depreciation...
62. Accelerated Depreciation Method Description of Accelerated Depreciation Method In this reference work, accelerated depreciation method is a sort of the Property, Securities category. Resources See Also Depreciation Method Property Securities...
63. Accumulated Depreciation Resources See Also Accrued depreciation...
64. Annual Depreciation Resources See Also Depreciation...
65. Asset-depreciation Range Asset-depreciation Range Description of Asset-depreciation Range Asset Depreciation Range (adr) Resources See Also Accelerated Cost Recovery System Resources See Also Accelerated Cost Recovery System Internal Revenue...
66. 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 [...]...
67. 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 [...]...
68. 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 [...]...
69. 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 [...]...
70. 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 [...]...
71. 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 [...]...
72. 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 [...]...
73. 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 [...]...
74. 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.......
75. 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 : [...]...
76. 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 [...]...
77. 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 [...]...
78. 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 [...]...
79. 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 [...]...
80. Defensive Investment An investment undertaken to protect larger commercial interests rather than for the return that the investment itself generates.......
81. Delivery Summary of Delivery The act whereby the owner of a vessel gives operational control over to the charterer.(Main Author: William J. Miller) In the United States For information about Delivery in the context of international trade, click here Delivery in International Trade Meaning [...]...
82. Developed Countries Summary of Developed Countries A generalized grouping of the industrialized nations. Customarily, the term is applied to those nations that are members of the organization for economic cooperation And Development (read this and related legal terms for further details) plus the [...]...
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. 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, [...]...
90. 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 [...]...
91. 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.......
92. 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 [...]...
93. 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 [...]...
94. 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 [...]...
95. 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 [...]...
96. Buffer Stocks Buffer Stocks and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Buffer Stocks: Commodity stocks managed by countries or international organizations to moderate market price fluctuations. When prices rise [...]...
97. 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 [...]...
98. 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 [...]...
99. 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 [...]...
100. Customary International Law Hello Customary International Law Customary international law applies in international law in case of absence of a treaty. J. L. Brierly, in "The Law of Nations: an Introduction to the International Law of Peace"states that in order to determine what international customary [...]...
101. 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.......
102. Antitrust Summary of Antitrust Legislation or public policies opposed to the monopolization or domination of a particular product or industry by one firm or a group of firms acting in concert. The object of antitrust laws is to preserve market competition. In the United States violation of the [...]...
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. 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, [...]...
105. Delivery Order Written instructions issued by the owner of goods or his authorized agent to the holder of such goods directing that the merchandise be released or shipped to a specified party.......
106. Devanning Synonymous with stripping or unloading a container or trailer.......
107. Discrimination Summary of Discrimination Unequal treatment in the duties, quotas, or administrative controls accorded to the products of one or more nations. Generally speaking, any nation which does not enjoy most FAVORED NATION (read this and related legal terms for further details) status is the subject [...]...
108. 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 [...]...
109. 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.......
110. 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 [...]...
111. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
112. Laissez-faire Laissez Faire Summary of Laissez Faire A doctrine that government should refrain from any form of trade regulation, leaving productivity and distribution of wealth purely to market forces and individual industry. The concept arose around the beginning of the eighteenth century in France, [...]...
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. 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.......
115. 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 ......
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. Tie-In Contract An arrangement by which a desired product (tying product) can be purchased only upon agreement to purchase certain other products (tied products). Tie-in contracts are largely forbidden by the antitrust Clayton Act. ......
119. 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 [...]...
120. Unrequited Transfer A transfer payment, ie., the transfer of assets from one nation to another without expectation of recompense.......