Reciprocity

Reciprocity

A principle that underlies GATT negotiations, that countries exchange comparable concessions.

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Part of Speech: noun
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Industry/Domain: Economy
Category: International economics
Company: University of Michigan
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Related terms

reciprocity

Professional careers; Sales

A practice, which may be illegal under the trade practices legislation, in which a firm gives purchasing preference to a firm to which it sells, see reverse reciprocity.

reciprocal

Education; SAT vocabulary

Mutually interchangeable or convertible.

reciprocate

Education; SAT vocabulary

reciprocate, is give and take mutually, on mutual, equal basis.

reciprocity

Education; SAT vocabulary

Equal mutual rights and benefits granted and enjoyed.

reciprocity

Anthropology; Cultural anthropology

A mode of exchange in which transactions take place between individuals who are symmetrically placed, i.e. They are exchanging as equals, neither being in a dominant position.

reciprocity

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Doing as you are done by. A grants B certain privileges on the condition that B grants the same privileges to A. Most international economic agreements, for example, on trade, ...

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