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MEDIATION: Intervention by an impartial third party to settle disputes between two others. The actions of this third party--the mediator--are not legally binding. Mediators are frequently used in collective bargaining negotiations when unions and their employers have reached an impasse. Mediators help both sides work out a satisfactory agreement. But neither side is legally compelled to follow the mediator's advice.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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In the early 1900s around 300 automobile companies operated in the United States.
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"When we do the best that we can, we never know what miracle is wrought in our life, or in the life of another." -- Helen Keller
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SWIFT
Society for Worldwide Interbank Financial Telecommunications
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