Form Of Trading Research Articles

Trade warfare and regional integration in the Pacific: The USA, Japan and the Asian NICs

US Secretary of State's celebrated comment that the United States now regards Asia as a more strategic economic partner than Japan. A few months after the APEC summit, however, economic antagonism between the United States and Japan, the two superpowers in the group, reached a new level as Japan refused numerical targets for US and other foreign imports and the US responded by reviving 'Super 301', a provision in the US Trade Act that mandates retaliation against those perceived as 'unfair traders'. Moreover, the voices of dissent that had been overshadowed by the US drive to display consensus in Seattle reemerged with even greater vigour. China and several South-eastern Asian governments declared their opposition to the US efforts to turn APEC from a consultative body into a more formal trading block based on free trade. And Prime Minister Mohamad Mahathir's trenchant view that the USA was intent on turning APEC into an instrument to reassert US hegemony in a part of the world that is fast spinning out of the American orbit was gaining greater resonance. The East Asian countries' response to developments n APEC is conditioned by the reality that America's relationship to Asia in the past decade has been dominated by one central fact: trade warfare carried out in the name of free trade. From their perspective, the US design to transform APEC into a formal association based on ever freer trade would be tantamount to 'multeralising' and institutionalising the aggressive campaign that the USA has waged on a bilateral basis in the last few years. In these countries' view, that campaign has had, as its fundamental objective, the dismantling of protected markets, foreign investment restrictions, and state-assisted capitalism-the very mechanisms that, from their perspective, have been responsible for East Asia's economic success. A third attitude coexisted with the Asian 'newly industrialising countries' (NICS') opposition to a free-trade APEC and the USA's enthusiasm for it: Japan's lack of initiative in pushing APEC in any form. While the Japanese government gave ritual endorsements to the consultative body, it played no significant role in its economic diplomacy. As a Thai member of APEC'S 'Eminent Persons Group' put it, Japan's stance was marked by 'an unwillingness to speak out its mind' on the direction of the regional forum.'

The commercialisation of English society, 1000-1500

The Commercialisation of English Society offers an interpretation of social and economic change in England over five centuries. By 1500 English livelihoods depended more upon money and commercial transactions than ever before; the institutional framework of markets had been transformed and urban development was more pronounced. These changes were not, however, caused by any unilinear development of population, output or money supply. This pioneering study examines both institutional and economic transformation and the social changes that resulted and stresses the limited importance of formal trading institutions for the development of local trade. Commercial transition is throughout analysed from a broader perspective that looks at the changing power relations within medieval society (which might loosely be described as feudal) and considers how these relations were affected by such commercial development.

Studies of the 1987 stock market crash: Review and appraisal

Within four months of the stock market crash on October 19, 1987, there were six studies of what happened. The Brady Commission, the Commodity Futures Trading Commission, the Securities and Exchange Commission, the General Accounting Office, the New York Stock Exchange, and the Chicago Mercantile Exchange all produced reports that described and analyzed the Crash, and in some cases made recommendations for additional regulation. This paper examines the conclusions and analyses contained in these reports and provides a summary of their recommendations. Particular attention is given to the allegation that stock index futures trading was a significant factor in the Crash. In addition, the recommendations that higher margins be imposed on futures transactions and that formal trading halts be instituted in both the futures and stock markets are discussed in depth. A major conclusion of this review is that new market-making procedures are needed to cope with the growing institutionalization of trading in equity and equity-derivative markets.