Deardorffs' Glossary of International Economics

- J -

J-curve The dynamic path followed by the balance of trade in response to a devaluation, which typically causes the trade balance to worsen before it improves, tracing a path that looks like a letter "J". [Origin]

J-List In US law, goods that are exempted from the requirement of country-of-origin labeling, because their nature makes them difficult to mark.

Jackson, John H. Father of the WTO.

Jackson-Vanik Amendment An addition to the US Trade Act of 1974 that linked trade benefits from that bill, most importantly MFN status for Soviet exports to the US, to permission for Jews to exit from the Soviet Union, something that Soviet policies had been impeding. Repealed in 2012 by the Magnitsky Act

Japan Bank for International Cooperation A unit of the government of Japan that promotes overseas development.

Japan External Trade Organization "A government-related organization that works to promote mutual trade and investment between Japan and the rest of the world." Formed in 1958, its focus has shifted in the 21st century to promoting foreign direct investment into Japan.

Japan-EU Economic Partnership Agreement A free trade agreement between Japan and the European Union, also called the EU-Japan Economic Partnership Agreement.

Japan Institute of International Affairs "The Japan Institute of International Affairs (JIIA), founded in 1959, is a private, nonpartisan policy think-tank focused on foreign affairs and security issues."

Japanese Big Bang The reform of Japan's financial markets announced in late 1996, intended to make them comparable to those of New York and London. The keys were to make the market "free," "fair," and "global:" based on market principles, rules-based, and consistent with international norms. [Source]

Japanification Describing the experience of Japan, and the fear that others may experience something similar, this refers to Japan's 30-year struggle since 1991 with deflation and slow economics growth, both of which failed to respond to extraordinary monetary stimulus.

Jaw jaw Expression for diplomatic negotiations, sometimes used in references to the protracted talks that take place among countries in the WTO.

Jay Treaty An agreement in 1794 between the US and Britain to lessen frictions that might have led to war. Its provisions included US right to trade with England and the British West Indies. The US gave up the free ships make free goods doctrine and granted Britain MFN status. [Source]

JBIC Japan Bank for International Cooperation

JCPOA Joint Comprehensive Plan of Action

JEEPA Japan-EU Economic Partnership Agreement

Jefferson Embargo The Embargo Act of 1807

Jeon Subunit of the won.

JETRO Japan External Trade Organization

Jevons paradox The observation by Jevons (1865) that more efficient use of a resource (coal, in his case), so that less is needed for a given contribution to production, may lead to more of it being used, as lower cost increases demand. [Source]

Jiao Subunit of the renminbi or yuan.

JIC Just-in-case

JIIA Japan Institute of International Affairs

JIT Just-in-time

Job polarization Fall in mid-level-wage employment opportunities relative to those both higher and lower. There is some evidence that international trade contributes to this. [Source]

Jobless rate Same as unemployment rate.

Jobless recovery After a recession, an expansion of real GDP that is not accompanied by a significant expansion of employment. This is possible, for example, if labor productivity expands.

Jobs argument for protection Employment argument for protection.

Johnson-Reed Act The Immigration Act of 1924

Joint Comprehensive Plan of Action The "nuclear" agreement reached by Iran with six countries -- China, France, Germany, Russia, UK, and US -- in 2015, and later withdrawn from by the US under President Trump. It limited Iran's development of nuclear capabilities in return for relief from sanctions.

Joint product One of two or more products (goods and/or services) that are produced by a single production process, such as milking a cow to produce both milk and cream. Most trade theories assume away joint products for simplicity.

Joint statement initiative A statement agreed upon and issued by multiple (but not all) members of the WTO, typically in the context of a Ministerial Meeting, and advancing discussions on an issue of their common interest. These groups are open to all WTO members. [Source]

Joint venture An undertaking by two parties for a specific purpose and duration, taking any of several legal forms. Two corporations, for example, perhaps from two different countries, may undertake to provide a product or service that is distinct, in kind or location, from what the companies do on their own.

Jokers Term used by US President Wilson in criticizing the Payne-Aldrich Tariff Act. Jokers in the tariff bill are "clauses whose meaning did not lie upon the surface, whose language was meant not to disclose its meaning," increasing protection without seeming to. [Source]

Jones Act The 1920 U.S. Merchant Marine Act, still in effect and known as the Jones Act for its author, that prohibits foreign ships from transporting goods or people between one U.S. location and another. Such a restriction on cabotage is an example of a barrier to trade in a service.

Jones' hat algebra See hat algebra.

Jones model The specific factors model, also sometimes called the Jones-Samuelson model, due to Jones (1971) and Samuelson (1971).

JSI Joint statement initiative

Jubilee 2000 A movement advocating the cancellation of debts that burden developing countries, intended to occur in the year 2000. The movement succeeded in getting substantial debt forgiveness, though not as much as had been hoped.

Jubilee Debt Campaign Founded in 1996 out of the Jubilee 2000 activism, this NGO does research and educates about the causes and solutions for the massive debts of the global south to the global north.

Judicial review In a case of unfair trade, the mechanism for appealing a decision.

Juridical person An entity other than a natural person, such as a partnership or a corporation, that is given some of the same rights as persons under the law.

Just-in-case The inventory management strategy said to pre-date just-in-time, keeping adequate inventories on hand to cover unexpected needs. Supply chain disruptions during and after the Covid-19 Pandemic may have restored this to greater use. [Source]

Just-in-time An inventory management strategy of ordering and receiving inputs to production and sales shortly before they are needed, economizing on inventories. With international supply chains, this means careful timing of imports. Also called lean manufacturing and Toyota production system. [Source]

JV Joint venture