| GATS |
General Agreement on Trade in Services - a set of multilateral
rules and commitments covering government measures which affect
trade in services.
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| GATT |
General Agreement on Tariffs and Trade
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| GSP |
Generalized System of Preferences
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| Hegemony |
A trade-related term indicating the dominance of one group over another such that the dominant group can dictate the terms of trade to its own advantage.
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| HTSUS |
Harmonized Tariff Schedule of the United States
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| IIE |
Institute for International Economics
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| ILO |
International Labour Organization - a UN agency which promotes
internationally-recognized labour rights.
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| IMF |
International Monetary Fund
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| Liberalization |
In the area of international trade, the relaxation of government restrictions, including tarrifs and quotas. For example, "Due to liberalization of capital flows , capital and investment between nations is considerably more mobile." LIberalization is not synonomous with privatization.
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| Liberty |
Freedom from arbitrary or despotic government or control; freedom from external or foreign rule; independence; the right and power to act, believe, or express oneself in a manner of one's own choosing. "Give me liberty or give me death." - Patrick Henry 1775
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| MAI |
Multilateral Agreement on Investment - a package of trade
rights giving power to investors. It has been proposed and
rejected at the World Trade Organization (WTO) and the Organization
for Economic Cooperation and Development (OECD) but is still
being promoted by big business.
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| Maquila |
Short form of the Spanish word maquiladora. Originally
associated with the process of milling, in Mexico it has become
the word for another kind of processing -- the assembly of
imported component parts for re-export. Companies like working
in maquilas because of low wages, lack of environmental or
labour regulations, low taxes, and few if any duties.
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| Marshall Plan |
An economic recovery plan put forward by US Secretary of State
George Catlett Marshall on June 5, 1947 to rebuild Europe
after the end of World War II. Some people suggest we need
another Marshall Plan today to help rebuild other devastated
economies such as the economics of developing countries.
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| MERCOSUR |
Mercado Comun del Cono Sur (Common Market of the Southern
Cone), a free trade block and customs union, comprising Brazil,
Argentina, Uruguay, and Paraguay.
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| Monopoly |
A condition of trade where there is essentially only one provider of a particular product or service. A monopoly declares a lack of competition that might otherwise reduce the pricing levels of the product or service in question. Monopolies are seldom benevolent.
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