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Common Market
Common Market See European Economic Community.
common marketn. An economic market consisting of multiple nations or entities that have adopted common regulations and policies to reduce internal trade barriers.Common Market n (Economics) the Common Market obsolete an informal name for European Economic Community Com′mon Mar′ket
n. 1. European Economic Community. 2. (often l.c. ) any economic association of nations. [1950–55] Thesaurus| Noun | 1. |  Common Market - an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members; "he tried to take Britain into the Europen Union"EC, EEC, European Community, European Economic Community, European Union, EU, Europeglobal organization, international organisation, international organization, world organisation, world organization - an international alliance involving many different countriesDanmark, Denmark, Kingdom of Denmark - a constitutional monarchy in northern Europe; consists of the mainland of Jutland and many islands between the North Sea and the Baltic SeaKingdom of Sweden, Sverige, Sweden - a Scandinavian kingdom in the eastern part of the Scandinavian PeninsulaDeutschland, FRG, Germany, Federal Republic of Germany - a republic in central Europe; split into East Germany and West Germany after World War II and reunited in 1990Finland, Republic of Finland, Suomi - republic in northern Europe; achieved independence from Russia in 1917Ellas, Greece, Hellenic Republic - a republic in southeastern Europe on the southern part of the Balkan peninsula; known for grapes and olives and olive oilItalia, Italian Republic, Italy - a republic in southern Europe on the Italian Peninsula; was the core of the Roman Republic and the Roman Empire between the 4th century BC and the 5th century ADAustria, Oesterreich, Republic of Austria - a mountainous republic in central Europe; under the Habsburgs (1278-1918) Austria maintained control of the Holy Roman Empire and was a leader in European politics until the 19th centuryBelgique, Belgium, Kingdom of Belgium - a monarchy in northwestern Europe; headquarters for the European Union and for the North Atlantic Treaty OrganizationBritain, Great Britain, U.K., UK, United Kingdom, United Kingdom of Great Britain and Northern Ireland - a monarchy in northwestern Europe occupying most of the British Isles; divided into England and Scotland and Wales and Northern Ireland; `Great Britain' is often used loosely to refer to the United KingdomEire, Ireland, Irish Republic, Republic of Ireland - a republic consisting of 26 of 32 counties comprising the island of Ireland; achieved independence from the United Kingdom in 1921France, French Republic - a republic in western Europe; the largest country wholly in EuropeHolland, Kingdom of The Netherlands, Nederland, Netherlands, The Netherlands - a constitutional monarchy in western Europe on the North Sea; half the country lies below sea levelGrand Duchy of Luxembourg, Luxembourg, Luxemburg - a grand duchy (a constitutional monarchy) landlocked in northwestern Europe between France and Belgium and Germany; an international financial centerPortugal, Portuguese Republic - a republic in southwestern Europe on the Iberian Peninsula; Portuguese explorers and colonists in the 15th and 16th centuries created a vast overseas empire (including Brazil)Espana, Kingdom of Spain, Spain - a parliamentary monarchy in southwestern Europe on the Iberian Peninsula; a former colonial power |
TranslationsCommon Market
Common Market: see European Economic CommunityEuropean Economic Community
(EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market.
..... Click the link for more information. .Common Marketassociation of western European countries designed to facilitate free trade among members. [Eur. Hist.: EB, III: 1001]See: CooperationCommon Market the. an informal name for the European Economic Community (now the European Community, part of the wider European Union) and its politics of greater economic cooperation between member states common market
Related to common market: Free trade area, Economic union, European Common Marketcommon market a market where obstacles to free movement of the important sectors of the economy have been removed. Although a general term in economics, it is of special significance to lawyers as one of the foundations of the European Union. In the European Economic Community Treaty, the essential part of the Common Market was expressed as involving four freedoms: free movement of goods, free movement of persons, free movement of services and of establishment and free movement of capital. It also requires more positive steps, and these are reflected in policies: the Common Agricultural Policy, the transport policy and competition policy. The single European act prescribed a timetable for the single internal market. In the UK, in common parlance, the term Common Market is still erroneously or mischievously used of the European Union itselfcommon market
Common marketAn agreement between two or more countries that permits the free movement of capital and labor as well as goods and services.Common Market1. A market with the free movement of goods, services, labor, and capital between two or more places. For example, even though Texas and Oklahoma are different places with different governments and regulations, the two have a common market because workers do not need permission to move between them, and one may transfer money between them without incurring any tariffs or fees. See also: Free trade.
2. An informal term for the European Economic Community.Common Market See European Economic Community.common market see TRADE INTEGRATION.common market a form of TRADE INTEGRATION between a number of countries in which members eliminate all trade barriers (TARIFFS, etc.) amongst themselves on goods and services and establish a uniform set of barriers against trade with the rest of the world, in particular, a common external tariff (see CUSTOMS UNION). In addition, a common market provides for the free movement of labour and capital across national boundaries. The aim of a common market is to secure the benefits of international SPECIALIZATION, thereby improving members’ real living standards. The short- and medium-term impact of the formation of a common market is mainly felt through an increase in trade between member countries. TRADE CREATION is typically associated with a reallocation of resources within the market favouring least-cost supply locations and a reduction in prices resulting from the elimination of tariffs and lower production costs. (See GAINS FROM TRADE.) In addition, a common market can be expected to promote longer-term (dynamic) changes conducive to economic efficiency through: - COMPETITION. The removal of tariffs, etc., can be expected to widen the area of effective competition; high-cost producers are eliminated, while efficient and progressive suppliers are able to exploit new market opportunities;
- ECONOMIES OF SCALE. A larger ‘home’ market enables firms to take advantage of economies of large-scale production and distribution, thereby lowering supply costs and enhancing COMPARATIVE ADVANTAGE;
- TECHNOLOGICAL PROGRESSIVENESS. Wider market opportunities and exposure to greater competition can be expected to encourage firms to invest and innovate new techniques and products;
- INVESTMENT and ECONOMIC GROWTH.
Finally, the virtuous circle of rising income per head, growing trade, increased productive efficiency and investment may be expected to combine to produce higher growth rates and real standards of living. The EUROPEAN UNION is one example of a common market. See ANDEAN PACT. Common Market
Related to Common Market: Free trade area, Economic union, European Common MarketSynonyms for Common Marketnoun an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its membersSynonyms- EC
- EEC
- European Community
- European Economic Community
- European Union
- EU
- Europe
Related Words- global organization
- international organisation
- international organization
- world organisation
- world organization
- Danmark
- Denmark
- Kingdom of Denmark
- Kingdom of Sweden
- Sverige
- Sweden
- Deutschland
- FRG
- Germany
- Federal Republic of Germany
- Finland
- Republic of Finland
- Suomi
- Ellas
- Greece
- Hellenic Republic
- Italia
- Italian Republic
- Italy
- Austria
- Oesterreich
- Republic of Austria
- Belgique
- Belgium
- Kingdom of Belgium
- Britain
- Great Britain
- U.K.
- UK
- United Kingdom
- United Kingdom of Great Britain and Northern Ireland
- Eire
- Ireland
- Irish Republic
- Republic of Ireland
- France
- French Republic
- Holland
- Kingdom of The Netherlands
- Nederland
- Netherlands
- The Netherlands
- Grand Duchy of Luxembourg
- Luxembourg
- Luxemburg
- Portugal
- Portuguese Republic
- Espana
- Kingdom of Spain
- Spain
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