Globalization in Credo: Economics

From The Princeton Encyclopedia of the World Economy
The Asia Pacific Economic Cooperation (APEC) process was the first structured forum for intergovernmental cooperation among the economies of East Asia and their main trading partners in North America, Australasia, and Russia.

From The Princeton Encyclopedia of the World Economy
The Association of Southeast Asian Nations (ASEAN) was formed in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Brunei joined in 1984 and Vietnam in 1995. Originally an anticommunist alliance, ASEAN is now an organization for economic cooperation composed of the fastest growing "Asian tigers."

An economic and political grouping that was formed (1993) to extend the European Community by adding common foreign and security policies to the single market.

(IMF), specialized agency of the United Nations, established in 1945. The organization, using a fund subscribed by the member nations, purchases foreign currencies on application from its members so as to discharge international indebtedness and stabilize exchange rates. The IMF promotes trade by keeping currencies stable and having a fund of money from which member states may borrow.

From Webster's New World Finance and Investment Dictionary
A monetary agreement between eight countries in Western Africa: Benin, Burkina Faso, Cote d’Ivôire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The common currency of the WAEMU is the CFA franc, or franc de la Communauté Financiére de l’Afrique.

From The Hutchinson Unabridged Encyclopedia
Specialized agency of the United Nations that borrows in the commercial market and lends on commercial terms. It was established in 1945 under the 1944 Bretton Woods agreement, which also created the International Monetary Fund (IMF). The International Development Association is an arm of the World Bank.

Specialized, rules-based, member-driven agency of the United Nations, world trade monitoring body established in January 1995, on approval of the Final Act of the Uruguay round of the General Agreement on Tariffs and Trade (GATT). The WTO is an international body concerned with promoting and regulating trade between its member states.

From Gale Encyclopedia of U.S. Economic History
Closely related to protectionism (restricting foreign competition) and refers to political efforts to shelter domestic industries from international competition by either blocking imports of foreign goods via import tariffs (taxes) or otherwise encouraging U.S. consumers to “buy American.”

The basic argument for free trade is based on the economic theory of comparative advantage: each region should concentrate on what it can produce most cheaply and efficiently and should exchange its products for those it is less able to produce economically.

Economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return. Theory that a nation’s interests were best served by development of overseas trade and restriction of imports.

From Collins Dictionary of Economics
A deliberate policy on the part of governments to erect trade barriers such as tariffs and quotas in order to protect domestic industries from foreign competition.

From Britannica Concise Encyclopedia
Area within which goods may be landed, handled, and re-exported freely. The purpose is to remove obstacles to trade and to permit quick turnaround of ships and planes. Only when the goods are moved to consumers within the country in which the zone is located do they become subject to tariffs and customs regulation.

From The Dictionary of Human Geography
A term often coupled with globalization, and typically associated with claims about the virtues of free trade and unregulated capital markets.

From BUSINESS: The Ultimate Resource
A condition imposed by a government to limit free exchange of goods internationally.