F-L

Fixed exchange rate: the rate of exchange of a currency or currency is set by agreement between governments or by government policy (see also gold standard)

Floating exchange rate: the rate of exchange of currencies is permitted to rise and fall with supply and demand on the international private market

Foreign policy: the goals that state officials seek to obtain abroad, the values that give rise to those objectives, and the means or instruments through which these are pursued

Free trade: means the buying or selling of goods and services across international borders with few or no restrictions (see also protectionism)

Fungibility: the extent to which one form of power can be converted into another

GATT: General Agreement on Tariffs and Trade, drawn up in 1947 to codify the rules of conduct in trade for its members, in the GATT, states agreed to negotiate "reciprocal and mutually advantageous arrangements directed to the substantial reduction of tariffs and other barriers to trade" and to increase free and fair trade

Glasnost: 'openness', a term introduced by Mikhail Gorbachev about his post-1985 opening of Soviet society to dissidents, public criticism and limited admission of past Soviet mistakes (also see perestroika)

Gold standard: the value of a currency is fixed relative to an amount of gold, can be converted to gold at a fixed rate (see also fixed exchange rates)

GSP: Generalized System of Preferences: early 1970's nineteen advanced industrial states agreed to eliminate tariffs on manufactured and semimanufactured goods exported by 140 LDCs unilaterally for ten years, renewed during 1980s for another decade (see UNCTAD, IPC)

Holy Roman Emperor: the supreme secular authority in Medieval Europe

Hugo Grotius (1583-1645): the 'father' of international law, a Dutch jurist, humanist and diplomat His great work 'On the Law of War and Peace' is widely regarded as a landmark in the development of international law

HYV's: high-yielding varieties of agricultural plants, genetically designed to produce higher quantities of product with the aid of fertilizer, pesticides, and mechanized agricultural methods

ICBM's: inter-continental ballistic missiles

Inflation: money is losing value relative to goods and services produced in an economy

International governmental organization (IGO): any international body or agency set up by the state, controlled by its member states, and dealing primarily with their common interests

IPC: Integrated Programme for Commodities, concerted attempt to control price fluctuations in commodities on which LDC's depended for foreign exchange income (see UNCTAD, GSP)

LDC: Less Developed Country

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A Man Would Do Nothing,
If He Waited Until He
Could Do It So Well
That No One Would Find Fault
With What He Has Done.