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TeachMeFinance.com - explain Concession historic definition... Concession -- A term applied to a grant of land or privileges by a government to an individual or to a private concern which is to build a railroad, prosecute mining operations, develop an industry or carry out some undertaking for the public as well as for private benefit. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.