Belgium Netherlands Luxembourg Economic Union

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Beggar-Thy-Neighbor Policy - economics

A course of action through which a country tries to reduce unemployment and increase domestic out¬put by raising tariffs and instituting non-tariff barriers that impede imports, or by accomplishing the same objective through competitive devaluation. Countries that pursued such policies in the early 1930s found that other countries retaliated by raising their own barriers against imports, which, by reducing export markets, tended to worsen the economic difficulties that precipitated the initial protec¬tionist action. The Smoot-Hawley Tariff Act of 1930 is of¬ten cited as a conspicuous example of this approach.

Belgium Netherlands Luxembourg Economic Union = BENELUX

A cooperative organization formed by Belgium, The Netherlands and Luxembourg to encourage economic ac¬tivity among the three nations. It has eight committees ad¬dressing such areas as economic relations, agriculture, commerce, industry, customs and social affairs. Contact: BENELUX; 39 rue de la Regence; 1000 Brussels, Bel¬gium

Bell - economics

A unit of time measurement traditionally used on sailing ships and equal to one-half hour. A watch is the standard period of time a sailor is on duty and is divided into 8 bells or 4 hours. During a watch each half hour is marked by the sounding of the bell.

Belly Pits or Holds - shipping

Compartments located beneath the cabin of an aircraft and used for the carriage of cargo and passenger baggage

Below Deck - shipping

Location below the highest deck of a ship. Cargo or containers shipped below deck are not subject to wind or rain and less susceptible to fluctuation in tempera¬ture than cargo shipped above deck. Some letters of credit and purchase contracts specifically forbid placement of cargo above deck.

Benchmarking - economics

A structured approach for identifying the best practices from industry and government and comparing and adapt¬ing them to an organization’s operations. Such an ap¬proach is aimed at identifying more efficient and effective processes for achieving intended results and suggesting ambitious goals for program output, product and service quality, and process improvement

Performance com¬parison of organizational business processes against an in¬ternal or external standard of recognized leaders. Most often the comparison is made against a similar process in another organization that is considered “world class.”

Beneficiary – banking / letter of credit / finance

The individual or company in whose favor a letter of credit is opened

Beneficiary – insurance

The person or legal entity named to receive the proceeds or benefits of an insurance policy

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