International Business, Trade and Their Terminologies

For decades, the use of the term “Most Favored Nation (MFN)” status has led to demonstrations and even street battles. Now, the problem has gone away, since governments have changed the terminology and only speak of “Normal Trade Relations (NTR)”, a goal that seems to be acceptable to all. Definitions which shape our understanding of core issues such as “fairness,” “market gaps,” “dumping,” and “natural,” can be changed or amended, and thus present us with new realities.

Many of today’s business executives discover that their activities are but one integral component of society. Politics, security, and religion are only some of the other dimensions that historically, and maybe again in the future, are held in possibly higher esteem than economics and business by society at large. Those who argue based on business principles alone may increasingly find themselves on the losing side.

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