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| There are 129 entries in the glossary. |
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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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| Monopsony | The inverse of a monopoly in that there is only one buyer in a market rather than one seller. A monopoly will always seek to create a monopsony in order to control the supply of raw materials to drive down cost of manufacturing. |
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| MOU | Memorandum of Understanding - used in treaties and international agreements
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| NAFTA | North American Free Trade Agreement |
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| OAS | Organization of American States - a body with representation
from all countries in the Americas. It is now charged with
27 non-trade issues in the Free Trade Area of the Americas
(FTAA) such as poverty, drug control, and democracy.
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| OECD | Organization for Economic Cooperation and Development - an
elite group of highly industrialized nations.
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| Oligopoly | A market that is dominated by a small number of sellers who would tend to collude in order to raise selling prices. When a formal agreement exists to control prices, it is known as a cartel. |
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| Oligopsony | Represents a market where there are a only a small number of buyers for a product or service. An example is the fast-food market (McDonalds, Burger King, etc) exerting control over beef producers to control meat prices. |
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| PNAC | Project for the New American Century |
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| Privatization | Transferring property or business functions from public ownership/operation to private hands. The opposite of nationaliziation. Types of
government contracts that have been privatized include prisons,
water utilities, trash collection, clerical jobs, food service,
information system jobs, and job placement for welfare recipients. |
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| Robber barons | Businessmen of the 19th century who engaged in unscrupulous business practices (in industry and in the stock market) to amass huge personal fortunes. Historians include in this list individuals like Andrew Carnegie (steel), Jay Gould (finance, railroads), J.P. Morgan (banking), John D. Rockefeller (Oil ) and Cornelius Vanderbilt (railroads, shipping). |
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| SAP | Structural Adjustment Program. A process imposed on poor countries in which they must privatize
services, export more, and reduce the government's role in
the economy in order to access International Monetary Fund/World
Bank loans. Structural adjustment programs have brought devastation
to vulnerable citizens of poor countries as they lose more
of their few protections and services. |
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| Sovereignty | The principle that the state exercises absolute power over its territory, system of government, and population.
Accordingly, the internal authority of the state supersedes that of all other bodies. |
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| Structural Adjustment | A process imposed on poor countries in which they must privatize
services, export more, and reduce the government's role in
the economy in order to access International Monetary Fund/World
Bank loans. Structural adjustment programs have brought devastation
to vulnerable citizens of poor countries as they lose more
of their few protections and services.
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| Sustainability | A socialist/Marxist expansion of the concept of transfer of wealth between classes, except that it concerns current verses future generations.
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| Tariff | A duty(or tax) applied to goods transported
from one country to another, or on imported products. Tariffs raise
the prices of imported goods, thus making them less competitive
within the market of the importing country.
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| TPA | Trade Protection Authority - See Fast Track |
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| Trilateral Commission | A private organization founded in 1973 by David Rockefeller and Zbigniew Brzezinski. Perpetual membership of around 300 covering Europe, Japan and the North America. Elite membership consists of corporate directors, scholars and high-ranking politicians. |
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| TRIPS | Trade Related Aspects of Intellectual Property Rights - agreement
which came into effect at the same time as the WTO (January
1, 1995).
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| Tyranny | Arbitrary or unrestrained exercise of power; despotic abuse of authority. Absolute power, especially when exercised unjustly or cruelly: "I have sworn . . . eternal hostility against every form of tyranny over the mind of man" (Thomas Jefferson). |
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| UNHCR | United
Nations Human Rights Committee
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| Uruguay Round | A series of trade negotiations between 1986-1994 that led to the creation of the World Trade Organization (WTO). |
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| USTR | United States Trade Representative. Cabinet-level official of the US government responsible for
developing and coordinating US international trade, commodity, and
direct investment policy, and leading or directing negotiations with
other countries on such matters.
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| World Bank | The World Bank Group is comprised of five agencies that make loans or guarantee credit to 177 member countries. Its stated aim is to help countries reduce poverty by making long-term loans to governments for large-scale projects such as dams or pipelines, or to back economic reform programs. However, World Bank loans have often had very negative effects on countries putting them in situations of precarious debt and setting conditions on which countries can receive loans, conditions which often have a devastating impact on the lives of citizens
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| WTO | World Trade Organization |
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