Concept
Free trade
Related concepts (37)
Economic nationalism
Economic nationalism is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency.
Four Asian Tigers
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year. By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage.
Non-tariff barriers to trade
Non-tariff barriers to trade (NTBs; also called non-tariff measures, NTMs) are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes. The Southern African Development Community (SADC) defines a non-tariff barrier as "any obstacle to international trade that is not an import or export duty.
Absolute advantage
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
Opium Wars
The Opium Wars ( Yāpiàn zhànzhēng) were two conflicts waged between China and Western powers during the mid-19th century. The First Opium War was fought from 1839 to 1842 between China and the United Kingdom, and was triggered by the Chinese government's campaign to enforce its prohibition against opium trafficking by British merchants. The Second Opium War was waged by Britain and France against China from 1856 to 1860.
Industrial policy
A country's industrial policy (IP) or industrial strategy is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector. The government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of the wider economy and so often has a key role in IP.
Dumping (pricing policy)
Dumping, in economics, is a kind of injuring pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product.
Chartism
Chartism was a working-class movement for political reform in the United Kingdom that erupted from 1838 to 1857 and was strongest in 1839, 1842 and 1848. It took its name from the People's Charter of 1838 and was a national protest movement, with particular strongholds of support in Northern England, the East Midlands, the Staffordshire Potteries, the Black Country and the South Wales Valleys. The movement was fiercely opposed by government authorities, who finally suppressed it.
Export-oriented industrialization
Export-oriented industrialization (EOI), sometimes called export substitution industrialization (ESI), export-led industrialization (ELI), or export-led growth, is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries.
Trade agreement
A trade agreement (also known as trade pact) is a wide-ranging taxes, tariff and trade treaty that often includes investment guarantees. It exists when two or more countries agree on terms that help them trade with each other. The most common trade agreements are of the preferential and free trade types, which are concluded in order to reduce (or eliminate) tariffs, quotas and other trade restrictions on items traded between the signatories.