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26 Cards in this Set
- Front
- Back
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Protectionism |
refers to national economic policies designed to restrict free trade andprotect domestic industries from foreign competition. |
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Products are classified under about 8,000 different unique codes in the harmonizedtariff schedule, a standardized system used worldwide |
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Totalitarianism |
associated with command (planned) economies. |
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Democracy |
associated with market economies. |
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Socialism |
associated with mixed economies. |
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Creeping expropriation |
includes abrupt termination of contracts. |
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Sanctions are bans on international trade |
usually undertaken by a country, or agroup of countries, against another judged to have jeopardized peace and security. |
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Embargoes |
bans on exports or imports that forbid trade in specific goods withspecific countries. |
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Common law |
mainly judicial in origin and based on court decisions. |
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Civil law |
mainly legislative and based on laws passed by national and statelegislatures. |
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Civil law is found |
France, Germany, Italy, Japan, Turkey, and much of LatinAmerica. |
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Common law is found |
U.S., UK, New Zealand, Australia, Ireland, and Canada. |
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The Foreign Corrupt Practices Act |
originated from U.S. and made it illegal to offerbribes to foreign parties. |
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Proactive environmental scanning, strict adherence to ethical standards, alliances with qualified local partners, and protection through legal contracts |
strategies formultinationals to mitigate risks associated with the political and legal environment intarget countries. |
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export tariffs |
taxes on products exported by country’s own companies. |
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import tariffs |
taxes levied on imported products. |
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import tariffs |
usually ad valorem. |
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tariffs |
that are ad valorem are assessed as a percentage of the imported product'svalue. |
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specific tariff |
refers to a flat fee or fixed amount per unit of the imported product—based on weight, volume, or surface area. |
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a revenue tariff |
intended to raise money for the government. |
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protective tariff |
aims to protect domestic industries from foreign competition. |
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prohibitive tariff |
one so high that no one can import any of the items.Quotas, local content requirements, regulations and technical standards as well asadministrative or bureaucratic procedures are nontariff export barriers. |
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Restrictions on FDI and ownership and currency controls refer to investmentbarriers. |
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Countervailing duty (CVD) |
indicates tariff on imported products by subsidies. |
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Antidumping duty (AD) |
taxes on imported products whose price is below usualprices in the local market. |
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dumping |
product is exported at a price that is lower than the price it normallycharges in its own home market. |
