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A technological change or technological difference that is biased in favor of using more capital, compared to some definition of neutrality.
Industry:Economy
A preferential trading arrangement originally enacted in 1983 by the United States, providing duty-free access to a group of Caribbean countries for selected products. It was renewed and extended in 2000.
Industry:Economy
A financial institution whose members are primarily the countries of the Caribbean region and whose purpose is to foster economic development in the region.
Industry:Economy
A group of firms or countries that seeks to raise the price of a good by restricting its supply. The term is usually used for international groups, especially involving state-owned firms and/or governments.
Industry:Economy
A 1988 report by a group of experts, chaired by Paolo Cecchini, examining the benefits and costs of creating a single market in Europe, in accordance with provisions of the Treaty of Rome.
Industry:Economy
A group of Central American countries -- El Salvador, Guatemala, Honduras, and Nicaragua -- that formed a common market in 1960, with Costa Rica added in 1962. It largely disintegrated in the 1970s and 80s due to military conflicts, but reformed as the Central American Free Trade Zone (but without Costa Rica) starting in 1993.
Industry:Economy
1. A free trade agreement initiated 2006 among Albania, Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia, Moldova, Montenegro, Serbia and the United Nations Interim Administration Mission in Kosovo. 2. A free trade agreement initiated 1993 among the Czech Republic, Hungary, Poland, Slovakia, and Slovenia, later also including Bulgaria and Romania. Its purpose was in part to reverse the bias against trade among these neighboring countries that had developed during the process of transition. This was superseded by the accession of these countries to the Europeann Union.
Industry:Economy
A function with constant elasticity of substitution. CES is popular for both production and utility functions. Used extensively in New Trade Theory as the Dixit-Stiglitz utility function for differentiated products under monopolistic competition. With arguments ''X'' = (''X''<sub>1</sub>,. . . ,''X<sub>n</sub>''), the function is ''F''(''X'') = ''A''(''<sub>i</sub>a<sub>i</sub>X<sub>i</sub>'')<sup>1/</sup>, where ''a<sub>i</sub>'', ''A'' are positive constants and = 1/(1-) is the elasticity of substitution. Due to Arrow et al. (1961).
Industry:Economy
A form of large business in South Korea, a conglomerate consisting of many companies centered around a parent company. They are family controlled and have strong ties to government. They are similar to the keiretsu of Japan, except that the chaebol do not own banks.
Industry:Economy
