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| 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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| an approach that generally shares the assumption of anarchy 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 flow, and an open world economy. |
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| The flow of goods and services across national boundaries unimpeded by tariffs or other restrictions |
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| the value of a state's exports relative to its imports |
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| The principle that says states should specialize in trading goods that they with the greatest relative efficiency and at the lowest relative cost. |
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| A policy of self-reliance, avoiding or minimizing trade, and trying to produce everything one needs |
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| The protection of domestic industries against international competition, by trade tariffs and other means |
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| The sale of products in foreign markets at prices below the minimum level necessary to make a profit. |
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| A duty or tax levied on certain types of imports as they enter a country |
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| Forms of restricting imports other than tariffs, such as quotas |
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| 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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| General Agreement on Tariffs and Trade (GATT) |
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Definition
| A world organization established in 1947 to work free trade on a multilateral basis; the GATT was more of a negotiating framework than an administrative institution |
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| most-favored nation (MFN) |
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Definition
| A principle by which one state, by granting another state this status, promises to give it the same treatment given to the first state's most-favored trading partner |
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| Generalized System of Preferences (GSP) |
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| A mechanism by which some industrialized states began in the 1970's to give tariff concessions to third world states on certain imports: an exception to the MFN principle. |
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| A series of negotiations under the GATT that began in 1986 and ended on 1994 with the agreement to create the WTO. |
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| A series of negotiations under the WTO that began in 2001, that focused on agricultural subsidies, intellectual property, and other issues |
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| NorthAmerican Free Trade Agreement (NAFTA) |
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| A free trade zone encompassing the US, Canada, and MExico since 1994 |
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| An association of producers or consumers (or both) of a certain product, formed for the purpose of manipulating its price on the world market |
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| Organization of Petroleum Exporting Countries (OPEC) |
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| 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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| The strategies by which a government works actively with industries to promote their growth and tailor trade policies to their needs |
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| intellectual property rights |
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| The legal protection of the original works of inventors, authors, creators, and performers under patent, copyright, and trademark law. Became a contentious are of trade negotiations in the 1990s |
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| The part of an economy that concerns services; the key focus in international trade negotiations is on banking, insurance, and related financial services |
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| The use of fossil-fuel energy to drive machinery and the accumulation of such machinery along with the products created by it |
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| centrally planned economy |
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| 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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| Countries in Russia and Eastern Europe that are trying to convert from communism to capitalism, with various degrees of success |
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| Industries such as oil-production companies and airlines that are owned wholly or partly by the state because hey are thought to be vial to the national economy |
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| Economies such as those in the industrialized West that contain both some governmental control and some private ownership |
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