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1. Regarding the structure of tariffs, see tariff escalation. 2. In the context of a trade war, escalation refers to the increase in tariffs that occurs as countries retaliate again and again.
Industry:Economy
1. The portion of a legal text that permits departure from its provisions in the event of specified adverse circumstances. 2. The U. S. Statute (section 201, 1974 trade act) that permits imports to be restricted, for a limited time and on a nondiscriminatory basis, if they have caused injury to U. S. Firms or workers. The escape clause accords with the Safeguards Clause (Article XIX) of the GATT.
Industry:Economy
An alliance of multinational companies, nongovernmental organizations, and labor unions seeking to promote and identify ethical trade.
Industry:Economy
1. The property of a function X=F(V) that is homogeneous of degree N that <sub>i</sub>V<sub>i</sub>∂F/∂V<sub>i</sub>=NX. 2. The useful implication of this that, for a production function X=F(V) with constant returns to scale, the competitive payments to factors sum to the value of output: <sub>i</sub>w<sub>i</sub>V<sub>i</sub>=pX.
Industry:Economy
A bond that is issued outside of the jurisdiction of any single country, denominated in a eurocurrency.
Industry:Economy
A European network of NGOs working to reduce poverty and empower the poor in developing countries through improved economic and financial policies.
Industry:Economy
An agreement between the EU and each of ten Eastern European countries (starting with Hungary and Poland in 1994) creating free trade areas and establishing additional forms of political and economic cooperation in preparation for these countries' eventual membership in the EU.
Industry:Economy
A composite currency that is a basket of most of the currencies of countries in the European Union. Conceived in 1979, it has been used as a unit of account of the European Monetary System.
Industry:Economy
A customs union formed in 1958 by the Treaty of Rome among six countries of Europe: Belgium, France, Germany, Italy, Luxembourg, and Netherlands; predecessor to the EC in 1967 and the EU in 1992.
Industry:Economy
A free trade area made up of countries in Europe that did not join the European Economic Community. EFTA was established in 1960 among Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom. As of 2010 it includes Iceland, Liechtenstein, Norway, and Switzerland.
Industry:Economy
