Economic Definition of conciliation. Defined.
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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.