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A system in which economic agents are free to own property and engage in commercial transactions. See laissez faire, economic freedom, <>.
Industry:Economy
A list of goods that a country has designated as able to be imported without being subject to tariff or import licensing.
Industry:Economy
A market that is not interfered with by government constraints on transactions. Most would say, however, that a market that is subject to a modest and transparent tax can still be considered free.
Industry:Economy
A situation in which there are no artificial barriers to trade, such as tariffs and NTBs. Usually used, often only implicitly, with frictionless trade, so that it implies that there are no barriers to trade of any kind. For a traded homogeneous product, it follows that domestic and world price must be equal.
Industry:Economy
A negotiated treaty among two or more countries to form a free trade area.
Industry:Economy
A group of countries that adopt free trade (zero tariffs and no other policy restrictions) on trade among themselves, while not necessarily changing the barriers that each member country has on trade with the countries outside the group.
Industry:Economy
A preferential trading arrangement being negotiated among most of the countries (all but Cuba) of the western hemisphere.
Industry:Economy
A measure of the presence of nontariff barriers, defined as the percentage of a country's tariff lines that are subject to one or a group of NTBs. Contrasts with coverage ratio and tariff equivalent.
Industry:Economy
A weak version of the Stolper-Samuelson Theorem, involving natural friends and enemies, that holds with multiple goods and factors.
Industry:Economy
A binding commitment to buy or sell a commidity or currency on a futures market.
Industry:Economy
