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LOCKOUT: A plant or factory that is closed temporarily, because it's owners are trying to gain a negotiating advantage over the employees' union. A lockout is commonly used by a company's management if they suspect the union is planning to strike. A lockout by management before the union strikes is much like a pre-emptive military attach that tries to hit the enemy hard, fast, and first.
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GOVERNMENT FAILURES Inefficiencies in the allocation of resources attributable to imperfections in the operation of governments. Government failures are based on the utility-maximizing behavior of politicians, voters, nonvoters, special interest groups, and government employees. The identification and analysis of government failures is central to the study of public choice and offers something of a counterbalance to government actions designed to address the inefficiencies of market failures.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been kindness, beauty and truth. " -- Albert Einstein, physicist
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GATS
General Agreement on Trade in Services
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