Trade Embargo


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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Trade Embargo

 

(trade restrictions), the economic isolation of one or more countries by any state or group of states for the purpose of stopping or suspending the import of goods.

Trade embargoes are employed by capitalist states as an aggressive means of tariff policy. Based on the application of prohibitive and punitive super-protectionist tariffs, they are used in combination with foreign-exchange control, quantitative restrictions and quotas, and prohibitions on export to or import from a certain country. For example, the USA in 1975 introduced prohibitive tariffs on petroleum in order to force importers to reduce prices. In May 1975 it imposed a politically motivated trade embargo of Cambodia and the Republic of South Vietnam after the victory of the national liberation movements in those countries.

Trade embargoes slow the economic development of the blockaded country. In certain instances, however, they may serve progressive goals. In the early 1970’s, the Arab League imposed a trade embargo of Israel and prohibited all trade with foreign companies that cooperated with Israel. Most states have imposed a trade embargo on the Republic of South Africa and Rhodesia in protest against the racist regimes of those countries.

L. I. TUL’CHINSKII

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
lifts its trade embargo against Cuba, but currently there are bills in Congress with bipartisan support to make the end of the embargo a reality.
In a statement reported by Jana on Wednesday, the Libyan government said that in response to Gadhafi's call it had "decided on an economic and trade embargo of the Swiss state involving the public and private sectors."
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<![CDATA[ Says Israel should encourage US to adopt trade embargo on Cuba as a model that will 'strangle and topple' the Iranian regime.]]>
For the past 15 years, Thomas Herzfeld's Herzfeld Caribbean Basin Fund has been investing in companies in the Caribbean that stood to see a gain in business if the 47-year-old trade embargo with Cuba was lifted.
Cuban Trade Embargo Expected to Remain: America's five-decade trade embargo on Cuba is expected to be far more durable than Fidel Castro, the Cuban leader it was aimed at deposing, according to the Associated Press.
A trade embargo has been placed on Cuba since Eisenhower's presidency.
Later this month, Polish and Russian agricultural ministers are due to meet at the international agricultural exhibition (Gruene Woche) in Berlin to reach an agreement to put an end to a plant trade embargo that has lasted over two years.
trade embargo restricting travel to Cuba, despite Moore having applied for permission in October 2006.
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trade embargo. Unable to import either food or materials needed for conventional agriculture, Cuba turned inward to self-reliance.
Items from Cuba can only be sold on the site if they are licensed, "informational" - such as books, movies and art - or pre-date the US-imposed trade embargo.