The concept of dumping lends itself admirably to different interpretations, depending largely on which side one's interests or emotions rest. In its broadest and vaguest meaning, it implies any foreign imports sold (after import duties) below the prices normally charged in the importing country by competing local or other foreign suppliers. From the point of view of economic theory, any price discrimination practised in different national markets constitutes dumping. 1 The popularly accepted view of dumping is narrower than the preceding definition -sales in foreign markets at lower prices than those charged to the buyers in the country of export.
From the standpoint of economic policy, dumping is objectionable only if it causes substantial damage to an industry in the importing country. This condition brings us to a still narrower concept of dumping, viz. that worked out by GATT and accepted by the member countries in enacting and administering their anti-dumping legislations. Thus dumping is considered to be taking place when "products of one country are introduced into the commerce of another country at less than the normal value of the products" and "if it causes or threatens material injury to an established industry in the territory of a contracting party or materially retards the establishment of a domestic industry. ''~ GATT e Under the concept "Socialist Bloc" are included the 12 countries: Albania,