Ch 8
Terms
Terms
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- Most Favored Nation Principle
- one of the principles often pursued by trade negotiators, it results in nations treating all other nations similarly by requiring that any reductions in trade barriers offered to any single country be immediately extended to all other countries.
- Fast-Track Authority
- the commitment by the legislature to quicly vote "yes" or "no" on the ratification of a treaty brought to it by the country's negotiators, and to not alter the document in any way through amendments or revisions.
- Doha Round
- The latest multilateral round of trade negotiations under the auspices of the WTO; the Doha round is scheduled to be completed by 2005
- Patent
- is a formal recognition of one person's invention and the right of that person to the exclusive use and marketing of that invention.
- Copyright
- gives an author or composer of a creative work the exclusive right to decide how the work is to be used.
- World Trade Organization
- The permanent organization established in 1994 to oversee the rules established under the GATT and to administer formal trade dispute settlement procedures.
- Mercantilism
- The economic philosophy of merchants and governments in europe during the sicteenth, seventeenth, and eighteenth centuries, who saw international trade as a beneficial activity provided that it was regulated by government to serve the immediate interest of national merchants, manufacturers, and the Crown.
- General Agreement on Tariffs and Trade (GATT)
- The agreement reached by the major economies after World War II (1947) that would serve as the legal framework within which international trade policy was to be set and trade negotiations were to be conducted.
- Tariff Escalation
- The practice of levying higher tariffs for manufactured products than for raw materials, and increasingly higher tariffs the higher the value added.
- Intellectual Property Rights
- The Patents and Copyrights that establish temporary ownership of ideas, processes, artisitc creations, and written works.