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<strong>AL</strong> – Alternative loan, the CommonLine loan type code used to identify any non federal student loan, also referred to as “private loan.”
dependency theory (01)<br />Exploitation theory applied to small countries. A small country exporting agricultural commodities finds that the control of its economy, especially its trade, shipping, insurance, banking and port facilities, passes to foreigners who are often associated with a local wealthy elite. The economy suffers from the repatriation of profits and imports, both of which are detrimental to domestic industries. The deterioration in local industry reduces industrial employment and pushes indigenous workers into the subsistence sector. In order to counteract the losses created by dependency, these theorists recommend fast independent growth and the granting of priority to basic needs. Critics argue that the theory at best is applicable only to some tropical colonies in the 1900-50 era, that it exaggerates the extent of profit repatriation and that it fails to establish a single optimal set of prices.<br /><em>Reference</em><br />Frank, A.G. (1978) Dependent Accumulation and Underdevelopment, London: Macmillan.<br /> Smith, T (199 5) 'The underdevelopment of development literature: the case of dependency theory', inS. Haggard (ed.) The International Political Economy and the Developing Countries, VoL 1, pp.<br /> 300-41, Aldershot: Edward Elgar.
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Keidanven (J5)<br />Federation of Economic Organizations (Japan).
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franchise (M3)<br />A legal privilege allowing a firm under licence to sell another firm's products and use its trade name. In return for the use of a famous name and much free marketing promotion, an initial payment and often a royalty of 5-10 per cent of gross sales are requested. As it is a condition of some franchises that supplies be obtained from the franchising company, competition law in the USA and Western Europe has tried to prevent such agreements. The arrangement is widespread in the fast food trade.
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