Recent Developments in Trade Between the U.S. and the P.R.C.: A Legal and Economic Perspective

This paper presents the life story of a single small-business owner of immigrant background who wants his companyto grow. His business strategies are analysed both as a part of his own biographical work, and as they wereinfluenced and framed by broader political, economic and social processes. It is shown how his own personalqualities in combination with opportunity structures in the local market provided favourable conditions for hisbreak-in. Breaking out, however, seems to be presented with different types of barriers, such as lack of access tocapital, discrimination, and the fact that new markets may consist of different sorts of network that are in its turnmore difficult for new actors to enter. But even if newcomers often find these barriers difficult for to overcome,individuals are not just passive objects but also have the opportunity to realize their lives according to their own lifeplans

The Historical Role of the European Shadow Banking System in the Development and Evolution of Our Monetary Institutions

When we hear about the 2008 Lehman Brothers crisis, immediately we relate it to the concept of "shadow banking system"; however, the credit intermediation involving lightly regulated entities and activities outside the traditional banking system are not new for the European Financial Systems, after all, many innovations developed in the past, were adopted by European nations and exported to the rest of the world (i.e. coinage and central banking), and European innovators unleashed several financial crises related to "shadowy" financial intermediaries (i.e. the Gebroeders de Neufville crisis of 1763). However, despite not many academics, legislators and regulators even agree on what "shadow banking" is, this latter does not refer exclusively to the functions of credit intermediation and maturity transformation. This concept also refers to the creation of assets such as digital media of exchange which are designed under the influence of Friedrich Hayek and the Austrian School of Economics. This lack of a uniform definition of "shadow banking" has limited our regulatory efforts on key issues like the private money creation, a source of vulnerability in the financial system that, paradoxically, at the same time could result in an opportunity to renovate European institutions, heirs of the tradition of the Wisselbank and the Bank of England which, during the seventeenth century, faced monetary innovations and led the European monetary revolution that originated the current monetary and regulatory practices implemented around the world