Tariffs:
Taxes levied by a government on imports and exports. The money collected from tariffs is called a customs duty. Although tariffs are a source of government revenue, tariffs are also used as part of political and economic policies. For example, import taxes protect domestic manufacturing and agricultural industries from foreign competition by making imported items more costly.
Tariff Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Third Way:
A new form of socialism. Developed by Tony Blair's Labor Party in Britain, the "Third Way" brought a free-market, pro-business aspect to the previously anti-growth party platform. It was modeled in part on Bill Clinton's remake of the Democratic Party in the United States. The Third Way plan was followed by many socialist governments around the world, including Gerhard Schroder's Democratic Socialist party in Germany.
R.C. Epping, A Beginner's Guide to the World Economy, 3rd ed., New York, 2001.
Trade Agreements:
Treaties designed to facilitate trade between two nations or a group of nations. In the absence of trade agreements, many nations impose special taxes called tariffs and take other actions to discourage importation of foreign goods. Trade agreements usually seek to reduce or eliminate such barriers.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Trade Balance:
The sum of a country's international purchases and sales of goods and services, plus all international financial transfers such as interest payments on foreign debt. These figures tell us which countries are running a trade deficit and which are running a trade surplus. The trade balance is also referred to as the current account.
R.C. Epping, A Beginner's Guide to the World Economy, 3rd ed., New York, 2001.
Trade Barriers:
An impediment, such as a tariff or boycott, that a nation imposes to limit or burden trade.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Trade Liberalization:
Economic reform that puts more emphasis on free markets and less on government control.
Trade Union:
An association of workers established to improve their economic and social conditions. A trade union represents its members in determining wages and working conditions through the process of collective bargaining with the employer. When agreement cannot be reached, a union may conduct a strike against the employer. In many countries a union is the economic arm of a broad labor movement that may include a political party and a cooperative organization.
Trade Union Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Transition Economies:
Economic systems that exist in countries undergoing dramatic shifts from one political or economic system to another.
Transparency International:
A Berlin-based organization that fights graft and bribery in the world economy by working with international organizations such as the Organization of Economic Cooperation and Development (OECD) to expose, investigate, and unmask corruption throughout the world.
R.C. Epping, A Beginner's Guide to the World Economy, 3rd ed., New York, 2001.
Treaty of Rome:
A 1957 treaty signed by France, Britain, West Germany, Belgium, Luxembourg, and the Netherlands that established the European Economic Community in 1958.
D.N. Balaam and M. Veseth, Introduction to International Political Economy, 2nd ed., New Jersey, 2001.