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20 Cards in this Set

  • Front
  • Back
totalitarian
govt. system where one family maintains complete and economic control
Dictatorship
a political and economic system operated by a ruler with absolute power or authority
Government Subsidy
payment from a govt. to a business to defray business costs
(ex: farmers paid not to grow certain crop)
Politics
methods or tactics involved in managing an organization, business, state, or govt.
A Govt. Subsidy is a
REVERSE TAX
Production Subsidies
Govt. gives gift of money to firms to defray costs of production
-negative trade tax
-regarded by GATT 1944 as unfair competition
1960s
-Kenney Trade Negotiations
-GATT Anti-dumping Agreement
Dumping
selling a product in another country at less than the price it is sold in the home country, or less than it costs to produce
Import Surge caused by
Dumping
Import Surge
-unexpected flood of imports
-causes dramatic drop in sales for domestic companies
Countervailing Duties
type of tariff designed to counteract subsidies and dumping
Red Tape
-chief obstacle to poor countries
*Pointless regulations that foster graft
-incentive to bribe officials
Ex. of Red Tape
-In Haiti it takes 203 days to register new company
-In Australia it takes 2
Lobbying
process of influencing the formation of legislation and administration or rules, regulations, and policies
Lobbyists
paid professionals who who carry the message of their employers to influence formation or administration of legislation
Labor Unions
bargain with employers on behalf of workers about terms and conditions of employment
Trade Association
non-profit organization formed to serve the common needs of its members
Item 807
allowed garments cut in the US to be exported and assembled and then imported with tariff based only on value added
-Denim
-Carribean countries
Yarn Forward Rule
NAFTA made in 1994, to qualify for free trade yarns as well as fabrics have to be produced in Canada, Mexico, or the United States
Trading Blocs
1)Europe and European Regions
2)the Americas and Caribbean
3)Asia and Oceania
4)The Middle East and Africa
*Each region includes a combination of developed and developing countries