Term
| • Enclosure (of the commons) |
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Definition
| the splitting of a common area or good into privately owned pieces, giving individual owners an incentive to manage resources responsibly |
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Term
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Definition
| in the context of IPE, an approach that generally shares the assumption of anarchy (the lack of a world government) but does not see this condition as precluding extensive cooperation to realize common gains from economic exchanges. It emphasizes absolute over relative gains and, in practice, a commitment to free trade, free capital flows, and an “open” world economy |
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Definition
| an economic theory and a political ideology opposed to free trade; it shares with realism the belief that each state must protect its own interests without seeking mutual gains through international organizations |
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Definition
| the increasing integration of the world in terms of communications, culture, and economics; may also refer to changing subjective experiences of space and time accompanying this process |
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Definition
| the principle that says states should specialize in trading those goods that they produce with the greatest relative efficiency and at the lowest relative cots (relative, that is, to other goods produced by the same state) |
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Term
| Centrally planned (or command) economy |
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Definition
| an economy in which political authorities set prices and decide on quotas for production and consumption of each commodity according to a long-term plan |
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Definition
| countries in Russia and Eastern Europe that are trying to convert from communism to capitalism, with various degrees of success |
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Definition
| industries such as oil-production companies and airlines that are owned wholly or partly by the state because they are thought to be vital to the national economy |
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Definition
| economies such as those in the industrialized West that contain both of the two major tools of macroeconomic policy making (the other being fiscal policy) |
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Definition
| the value of a state’s exports relative to its imports |
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Definition
| a political and economic situation in which two states are simultaneously dependent on each other for their well-being. The degree of interdependence is sometimes designated in terms of “sensitivity” or “vulnerability” |
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Definition
| a policy of avoiding or minimizing trade and trying to produce everything one needs (or most vital things) by oneself |
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Definition
| the protection of domestic industries against international competition, by trade tariffs and other means |
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Definition
| the sale of products in foreign markets at prices below the minimum level necessary to make a profit (or below cost) |
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Definition
| a duty or tax levied on certain types of imports (usually as a percentage of their value) as they enter a country |
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Definition
| forms of restricting imports other than tariffs, such as quotas (ceilings on how many goods of a certain kind can be imported) |
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Term
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Definition
| the strategies by which government works actively with industries to promote their growth and tailor trade policy to their needs |
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Term
| Intellectual property rights |
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Definition
| the legal protection of the original works of inventors, authors, creators, and performers under patent, copyright, and trademark law. Such rights became a contentious area of trade negotiations in the 1990s |
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Term
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Definition
| the part of an economy that concerns services (as opposed to the production of tangible goods); the key focus in international trade negotiations is on banking, insurance, and related financial services |
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Term
| World Trade Organization (WTO) |
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Definition
| an organization begun in 1995 that expanded the GATT’s traditional focus on manufactured goods, and created monitoring and enforcement mechanisms |
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Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| A world organization established in 1947 to work for freer trade on a multilateral basis; the GATT has been more of a negotiating framework than an administrative institution. It became the World Trade Organization (WTO) |
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Term
| Most-favored nation (MFN) concept |
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Definition
| the principle that one state, by granting another state MFN status, promises to give it the same treatment given to the first state’s most-favored trading partner |
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Term
| Generalized System of Preferences (GSP) |
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Definition
| a mechanism by which some industrialized states began in the 1970s to give tariff concessions to third world states on certain imports; an exception to the most-favored nation (MFN) principle |
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Term
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Definition
| a series of negotiations under the General Agreement on Tariffs and Trade (GATT) that began in Uruguay in 1986, and concluded in 1994 with agreement to create the World Trade Organization. The Uruguay Round followed earlier GATT negotiations such as the Kennedy Rounds and the Tokyo Round |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| a free trade zone encompassing the United States, Canada, and Mexico since 1994 |
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Term
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Definition
| an association of producers or consumers (or both) of a certain products, formed for the purpose of manipulating its price on the world market |
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Term
| Organization of Petroleum Exporting Countries (OPEC) |
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Definition
| the most prominent cartel in the international economy; its members control about half the world’s total oil exports, enough to significantly affect the world price of oil |
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