Share This Article:

Economic Definition of conciliation. Defined.

Offline Version: PDF

Term conciliation Definition: Intervention by an impartial third party to settle disputes between two others, which is also commonly termed mediation. 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.


« concentration ratio | The Conference Board »


Alphabetical Reference to Over 2,000 Economic Terms