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globalization
Growth in networks of economic, political, social,military, scientific, or environmental interdependence to span worldwide distances.
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protectionist
A proponent of trade barriers designed to shield domestic producers from foreign competition.
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free trade agreement
A treaty in which two or more nations agree to reduce or elimiate barriers, opening their borders to freer mutual trade.
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culture
A system of shared knowledge, values, norms, customs, and rituals acquired by social learning.
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free trade
the flow of goods and services across borders unhindered by government imposed restrictions such as taxes, tariffs, gqoutas, and rules.
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law of comparative advantage
Efficincy and the general economic welfare are optimized when each country prduces taht for which it enjoys a cost advantage.
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protectionism
The doctrine that government should protect business interests from foreign competitors.
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"buy American" laws
Laws that require or seek to influence governments and agencies to purchase U.S. made goods and services rather than foreign-made services.
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competitve advantage of nations
A phrase coined by PRofessor Michael Porter identifying a nation as having a cluster of similar producers which gives the nation a special advatage over other countries.
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corruption
The debasement of integrity for money, postion, provilege, or other self-benefit. It undermines markets by substituting bribery for honest competition based on price, quality, and service.
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offsets
Actions taken by a foreign corporation, at the recmmendation of government purchaser, to spend substantial sums of money to produce a good or service in exchange for the purchase.
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