Trade
Customs union
The highest degree of tariff integration between multiple states- standard rates are set that apply across the entire agreement
Extraterritorial jurisdiction
The application/enforcability of laws beyond the territory in which they are created/maintained
Tragedy of the commons
When actors fail to maintain or contribute to a public good. For international environmental policy, this means failure to protect the environment.
Gold standard
A monetary system where currency is fixed to a given amount of gold
Externalities
Side effects (both positive AND negative)
Expropriation
The confiscation/nationalization of private property by a state
Non-derogable rights
Certain rights that may not under any circumstance be interfered with or degraded
Montreal Protocol
An international environmental agremeent aiming to phase out the use of various chemical compounds damaging the ozone layer
IMF conditionality
Required conditions (usually around economic/monetary reform) for a state to receive a loan
Free riding
When actors fail to contribute to a public good and still benefit from it
Most Favored Nation (MFN)
A status of trade barriers where a state must receive the most favorable treatment that a state gives to any trading partner.
Forum shopping
When plaintiffs with a human rights complaint determine which legal system is most advantageous for their case and pursue action there
Cap-and-trade system
A system for limiting pollution by establishing limits for participants and allowing them to trade/exchange these limits
Washington Consensus
A set of standardized policy prescriptions to try and modernize/reform national economies, centered around neoliberal principles
Moral hazard
A principal backing up or guaranteeing support to an agent leads the agent to take riskier decisions
Race to the bottom
States compete for foreign investment and try to offer the most attractive environment by reducing regulations, leading to lower and lower standards
Universal Periodic Review
UN Human Rights Council mechanism for observing and reporting on human rights conditions in a given state
Private regulation (+ explain why)
When firms/non-state actors establish their own environmental standards, which may be more favorable/advantageous than those established by states or IOs
Beggar-thy-neighbor policy
Economic policies meant to boost a nation's domestic economy that generally have negative effects on other states and the int'l community as a whole (such as trade barriers)
Focal point
Within a bargaining range, natural/intuitive/default points that actors can settle on