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12.7: Key Terms

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    207906
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    anti-dumping laws
    laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production
    common market
    economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy
    disruptive market change
    innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations
    dumping
    selling internationally traded goods below their cost of production
    economic union
    economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies
    free trade agreement
    economic agreement between countries to allow free trade between members
    General Agreement on Tariffs and Trade (GATT)
    forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization
    import quotas
    numerical limits on the quantity of products that a country can import
    national interest argument
    the argument that there are compelling national interests against depending on key imports from other nations
    nontariff barriers
    ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products
    protectionism
    government policies to reduce or block imports
    race to the bottom
    when production locates in countries with the lowest environmental (or other) standards, putting pressure on all countries to reduce their environmental standards
    World Trade Organization (WTO)
    organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)

    12.7: Key Terms is shared under a not declared license and was authored, remixed, and/or curated by LibreTexts.

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