No abstract

The Article first presents a brief history or survey of the some of the earlier problems that associate with China's banking and financial institutions. The Article then addresses specific problems, in the context of the rules, procedures, and practices of the banking and finance sector, which widely range from nonperforming loans, to China's money market and interbank lending business. These problems also directly associate with the liberalization of the banking and finance sector of the economy, and the requirements of both the WTO rules and China's WTO Protocol on accession. The Article also briefly explores the US sub-prime mortgage crisis and its contagion effect throughout the world, including the Asian region. In the context of China and the subprime crisis, the Article summarizes some of the problems that associate with China banking and financial institutions, by focusing on the policy implications of the history of banking and finance in China, and what this means in terms of both WTO compliance and greater liberalization of banking and financial institutions, especially pursuant to the WTO GATS, as service industries. All of this, eventually, allows for the presentation of certain conclusions concerning China banking and finance in the new era of a global subprime crisis.

In order to explore the prospective effects of what hails as the Beijing consensus, a conceptualization arguably near-synonymous with Beijing's export-oriented strategy, the Article first discusses the state of the Chinese economy in the post-global financial crisis era. After reviewing some key indicators of the country's economy, the Article presents a comparison between a Washington and Beijing consensus, contrasting ideological meanings between these two consensuses, and then explores the measure of the Beijing consensus as a variety of capitalisms. By doing so the Article reveals the broader role of Beijing's export-oriented strategy and its eventual relation to international capital's industrial transformation and the prospective effects of a Beijing consensus. The Article concludes by presenting a prospectus of the Beijing consensus as a variety of capitalisms in the post-global financial crisis era. By presenting the Beijing consensus or even export-oriented strategy as an evolving model in this new era, China's trade and finance models prospectively present a distinctive modeling of capitalism and its tools of trade and finance models.

Despite the shortcomings of Hayek’s spontaneous order, there is a positive side, perhaps even a positive feedback. Hayek left us with a “what if” question and returns us to that initial opening of Pandora’s Box, or perhaps the initial onset of neo-realism, neo-liberalism, developmentalism, globalism, transnationalism and other concepts, precepts and adjectives justifying institution building by bargaining and military force. In terms of new world order, institution building by necessity requires fundamental changes in governmental structures in non-Western cultures and nation-states such as China, Afghanistan and Iraq. Such changes are being prompted by means of political, economic and military powers of the U.S. and other developed nation-states, and international intergovernmental organizations dominated by developed nation-states such as the World Trade Organization. However arguably well intended there remains the question of what will eventually result from the introduction of Western institutions into non-Western cultures and developing countries. This article explores F. A. Hayek’s discourse concerning taxis and cosmos (Kosmos), in terms of institution building. This article addresses why China presents an instance of institution building by bargaining, while countries such as Iraq and Afghanistan offer instances of institution building by military force, then directs emphasis toward institutional and constitutional reform, and an evolution of Western law in non-Western cultures and developing nation-states such as China, Afghanistan, and Iraq. Although Hayek may have had contrary intentions, his discourse on taxis and cosmos (Kosmos), and spontaneous order, nonetheless, challenges a modern Western world to rethink its priorities and policies, and perhaps even foundational ideologies, especially in the realm of rebuilding non-Western cultures and developing countries.

The Article presents a brief survey of economic history, by emphasizing the earlier history of neo-classical economic theory and the economic theory of marginal utility. The Articles does so for exploring the relation of game theory or the strategic game to developments in the field or science of economics, especially developments in economic thought occurring during the earlier marginal revolution or the economic history of marginalism. By doing so, the Article intends to show, though most attribute the new science of modern game theory to the field of mathematics, that the influence of corresponding or correlating developments in the field, science or discipline of economics was equally influential in the birth of game theory or the strategic game.