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. 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 [...]...
3. 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, [...]...
4. Market Disruption A condition in which foreign imports of a given product increase in quantity so rapidly as to cause, or threaten to cause, material injury to a competing domestic industry. A finding of market disruption before the International Trade Commission may result in retaliatory actions against the [...]...
5. Free Market The economic system of a nation in which market forces determine which goods and services are produced, and at what price they are offered. Free market economies do not contain substantial government controls on resource availability, price levels, or central planning of economic objectives.......
6. 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 [...]...
7. Rules of Conduct Market Conduct and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Conduct: In a particular industry or market, refers to practices which, individually or in combination, shape the market performance [...]...
8. 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 [...]...
9. Most-favored-nation A privilege granted to a nation to have customs duties levied upon its products at the lowest rate offered to any other nation. Customarily, the extension of most favored nation status is reciprocal. See tariff (Customs).......
10. Competitive Performance Competitive Performance and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Competitive Performance: The measurable results of competitiveness --i.e., the outcome of a country's or a firm's efforts in [...]...
11. 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 [...]...
12. Common External Tariff Summary of Common External Tariff The uniform customs tariff applied by all the member states of a customs union or common market to imports from nonmember nations.(Main Author: William J. Miller) Common External Tariff and the GATT Policy Negotiations In relation to the GATT [...]...
13. 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 [...]...
14. 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 [...]...
15. 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 [...]...
16. Dumping Margin In those instances where a product has been dumped, that is, sold abroad at a price below the fair market value in the country of origin, the dumping margin is the difference between the home market price and the price at which the goods are sold abroad less incidental charges, such as export [...]...
17. 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 [...]...
18. Tied Loan A loan to a foreign nation or firm that requires the proceeds of the loan to be spent only in the creditor nation. Such an arrangement stimulates the economy of the country making the loan. The debtor nation, however, because it is constrained in spending the funds, may encounter higher prices [...]...
19. Product Cycle Product Cycle and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Product Cycle: The evolution of a production process from innovation through obsolescence, constituting a fundamental dynamic element in [...]...
20. 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 [...]...
21. Export Diversification Summary of Export Diversification The movement of a nation away from the export of a single or limited number of products as the principal source of foreign exchange earnings. Export diversification programs are usually the priority objectives of small or underdeveloped nations, [...]...
22. 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 [...]...
23. Export Processing Zone Summary of Export Processing Zone A special type of Foreign Trade Zone (read this and related legal terms for further details) within which certain exemptions from duties, taxes, and regulations are granted as an inducement to export-oriented manufacturing. Customarily a manufacturer within [...]...
24. 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 [...]...
25. 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 [...]...
26. 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 ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms for [...]...
27. 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 [...]...
28. Exceptions Products specifically exempted from trade liberalization, such as duty reductions; usually, exceptions are made to protect domestic industries that would suffer serious harm from increased imports.......
29. 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 [...]...
30. 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 [...]...
31. Market Failure Market Imperfections or Market Failure and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Market Imperfections or Market Failure: Often refers to two sources of departure from perfect competition, i.e., [...]...
32. 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 [...]...
33. 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 [...]...
34. 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 [...]...
35. Economic Union Summary of Economic Union Also known as an economic community, an advanced form of economic integration on the part of several states. The economic union incorporates the features of a Common market (read this and related legal terms for further details)—unrestricted free trade among [...]...
36. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
37. 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 [...]...
38. 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 [...]...
39. 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 [...]...
40. Caribbean Community and Common Market Caribbean Community and Common Market (CARICOM), organization established in 1973 to promote regional unity and to coordinate economic and foreign policy among Caribbean nations. Member countries include Antigua and Barbuda, Barbados, Belize, Dominica, G......
41. Beneficiary Developing Country As provided in Section 501 of the Trade Act of 1974, any nation or possession of a nation authorized by the president to be accorded duty-free entry of merchandise into the United States under the GENERALIZED SYSTEM OF PREFERENCES (...
42. Restitutions Export and producer subsidies granted by the European Economic Community to EEC farmers and processors. The subsidies are a feature of the Common Agricultural Policy (read this and related legal terms for further details......
43. 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 [...]...
44. 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 [...]...
45. 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 [...]...
46. 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 [...]...
47. 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 [...]...
48. Current Account Purchases The value of intermediate products in the national production process. An intermediate product is a manufacturing input that has not been converted into a finished product; for example, steel is an intermediate product in the manufacture of an automobile. The value of current account purchases is im......
49. Entry Price Under the common agriculture POLICY (read this and related legal terms for further details) of the European Economic Community, the price at which certain imported agricultural products enter EEC commerce. If the entry p......
50. 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 [...]...
51. 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 [...]...
52. Domestic Subsidy An economic grant provided by a governmental authority to a domestic manufacturer, grower, or producer to increase industrial activity or stimulate output of desired products. Economic incentives may come in the form of direct payments, tax relief, low-interest financing, wage subsidies, or in [...]...
53. Offer List A list of products, usually prepared in conjunction with multilateral trade negotiations, upon which a nation is prepared to negotiate trade liberalization; the list may also identify products that are to be specifically exempted from discussion.......
54. 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 [...]...
55. Reference Price A mechanism of the Common Agricultural policy (read this and related legal terms for further details) of the European Economic Community designed to prevent disruptive import competition for certain vegetables, fruits, f......
56. Textiles Textiles and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Textiles: Historically, one of t e most politically sensitive and contentious sectors of international trade. As define in the Multifiber [...]...
57. Escape Clause A provision common to most international trade agreements under which an adhering nation is permitted to withdraw trade concessions under prescribed conditions, normally in those cases where such concessions are found to result in material injury to the domestic economy. Most major trading [...]...
58. 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......
59. Export Quota Agreement An arrangement arising under an international commodity agreement whereby each participating exporting nation is allocated a portion of the market. Participating importing nations agree to limit imports from nonmember nations. The object of the system is to maintain price stability, thus [...]...
60. Graduation Summary of Graduation The act of recognition by the world community that formerly less developed Countries (read this and related legal terms for further details) have undergone sufficient economic development to be regarded as "developed"or industrialized nations. The recognition [...]...
61. 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 [...]...
62. Free List A listing of all commodities on which no customs duties are imposed.......
63. Underdevelopment 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 [...]...
64. Free Trade Zone Spanish Translation of free trade zoneThis is the legal translation of English to Spanish in relation to free trade zone and / or a definition of this topic: Zona de Libre Comercio (in Spanish, without translation of the dictionary entry)....
65. 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 [...]...
66. 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 [...]...
67. 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 [...]...
68. 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 [...]...
69. 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 : [...]...
70. Reciprocity Summary of Reciprocity Bilateral reduction of trade barriers; each nation reduces its barriers in return for similar concessions by the other nation. Reciprocity is an official policy of the United States, originated by the Reciprocal Trade Agreements Act of 1934.(Main Author: William J. [...]...
71. 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 [...]...
72. 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.......
73. 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 [...]...
74. 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 [...]...
75. 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 [...]...
76. 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 [...]...
77. 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.......
78. 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 [...]...
79. 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.......
80. 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, [...]...
81. 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.......
82. 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 [...]...
83. 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.......
84. 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 [...]...
85. 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.......
86. 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 [...]...
87. 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.......
88. 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 [...]...
89. 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 [...]...
90. Invisibles Synonymous with Invisible Exports And Imports (read this and related legal terms for further details).......
91. 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 [...]...
92. 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, [...]...
93. 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 [...]...
94. 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 [...]...
95. 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.......
96. 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.......
97. Reparation Summary of Reparation A payment made by a carrier to a shipper in satisfaction of improper charges levied. Unlike claims for an overcharge, which occurs when the rate is applied, reparation claims occur when the rate itself is unlawful. Reparations are awarded by the Interstate Commerce [...]...
98. Respondent Summary of Respondent In admiralty, one who answers to a libel, or action. The term corresponds with defendant.(Main Author: William J. Miller) In proceedings in the I.C.J. in contentious cases, the defendant State is referred to as the respondent. While this term does not appear [...]...
99. Restraint of Trade Combinations, contracts, agreements, or arrangements, either oral or written, designed to effect a monopoly, impede competition, fix prices, retard entry into the field, or otherwise obstruct trade that would otherwise occur if left to natural economic forces. Acts in restraint of trade are [...]...
100. 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.......
101. 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.......
102. 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. ......
103. 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, [...]...
104. Trade Creation The substitution of lower- cost foreign goods for higher-cost domestic manufactures.......
105. 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 [...]...
106. 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 [...]...
107. 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.......
108. Unrequited Transfer A transfer payment, ie., the transfer of assets from one nation to another without expectation of recompense.......
109. Regulatory Law Regulatory Law......
110. 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 [...]...
111. 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 [...]...
112. Resale Price Maintenance Resale Price Maintenance and International Trade Economy Resources See Also vertical restraints...
113. 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 [...]...
114. 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 [...]...
115. Absorption Summary of Absorption The performance by a common carrier of special services not provided for in the tariff or included in the freight paid; among such services may be switching, wharfage, or redelivery of merchandise. The performance and/or acceptance of such services may constitute an [...]...
116. 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 [...]...
117. 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 [...]...
118. 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 [...]...
119. 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 [...]...
120. Central American Common Market Summary of Central American Common Market A free trade area among the nations of Central America, established in 1960 by a treaty between El Salvador, Guatemala, Honduras, and Nicaragua. The common market began operations in 1961, and Costa Rica joined the group in 1962. Honduras dropped [...]...