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Dumping, in economics, is a form of predatory pricing, especially in the context of international trade.It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect.
Lawrence Summers, former President of Harvard University and Chief Economist of the World Bank, issued a confidential memo arguing for global waste trade in 1991. The memo stated: "I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that...
The Kennedy Round officially opened on May 4, 1964, at the Palais des Nations.It was the last GATT round to have tariff reduction as its primary focus. [8] However, it was the first GATT round to deal with non-tariff issues, such as dumping, a practice whereby a company exports a product at a price lower than the price it charges in its home market. [9]
When a producer exports at a loss, its competitors may term this dumping. Another case is when the exporter prices a good lower in the export market than in its domestic market. [ 8 ] The purpose and expected outcome of a tariff is to encourage spending on domestic goods and services rather than their imported equivalents.
According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products .
Economic arguments against free trade criticize the assumptions or conclusions of economic theories. Domestic industries often oppose free trade on the grounds that lower prices for imported goods would reduce their profits and market share.
An open dump is an area where unwanted waste is disposed of with no regulations or restrictions; they often produce adverse effects on the environment. The Resources Conservation and Recovery Act of 1976 prohibited open dumping, [ 4 ] therefore making it illegal in many states.
Environmental harmful product dumping (“environmental dumping”) is the practice of transfrontier shipment of waste (household waste, industrial/nuclear waste, etc.) from one country to another. The goal is to take the waste to a country that has less strict environmental laws , or environmental laws that are not strictly enforced.