Glossary of Scenario Terms

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 Browse or search for a term alphabetically by clicking the appropriate letter above, or enter the term below to search all the pages in the glossary.

 

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Maastricht Treaty: the EC treaty completed in December 1991 that outlines plans for a single currency, coordinated social policy, mutual defense force, and coordinated foreign policy. It must be accepted by all EC countries before it can officially go into effect. 

 

market-oriented economic reforms: changes in economic policies and structures of a country that are intended to promote the free exchange of capital, goods, and services. 

 

Marshall Plan: (April 1948-December 1951) a USsponsored program designed to rebuild the economies of 17 western and southern European nations after World War II. The Marshall Plan aimed to create stable conditions in which democratic institutions could survive. Over a four-year period, the US government distributed billions of dollars worth of economic aid, helping to restore industrial and agricultural production, establish financial stability, and expand trade. The Marshall Plan was very successful. It contributed greatly to the rapid renewal of the western European industry. Several western European countries experienced a rise in their gross national products of 15 to 25 percent during this period. 

 

Mercosur: a regional trade agreement that includes Argentina, Brazil, Paraguay and Uruguay. The treaty calls for transformation to a common market by the year 2006. 

 

MFN: see Most Favored Nation Status  

 

modernization: Less developed countries hope to improve their industries and agriculture by importing modern technology. Often, this process can have a negative effect on the environment and living standards. 

 

Most Favored Nation Status (MFN): the application of the lowest tariff rate given to any other country. All members of WTO offer Most Favored Nation status to one another. Most Favored Nation status is granted between non-WTO countries on a bilateral basis. 

 

multiethnic state: a country or nation which houses people of many ethnicities that are different from the main ethnicity in that country or nation. 

 

multilateral: something that involves more than two nations or sides.