Legalization or legalisation means that whatever law was there that prohibited a certain product or act is chucked out. Decriminalization or decriminalisation means that performing the act will no longer...

Sanction refers to create a barrier in certain trading items. Embargo is a trade barrier that results in partial or complete prohibition on commerce or trade with either one country or many countries.

The passport book allows the holder to travel worldwide (with proper visa and documentation), while the passport card only allows the holder to travel to and fro neighboring countries such as Canada, Mexico,...

A tax is a financial charge that is imposed on a person or an entity by the state. Levy is not exactly a word, but rather a verb that denotes the act of charging a tax. Duty is actually just a type of tax that...

The WTO is responsible for facilitating world trade, while the UN is responsible for promoting international co-operation.