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China’s rise will be long-term punitive for the rest of Asia.
Across all aspects of Asian geopolitics and economics, China’s
ascendency to regional hegemonic status will result in the decline
of its neighbours’ political independence, economic dynamism and
future growth potential. Any short-term benefits of China’s
growth, such as increased trade, will be transitory. The
longer-term implications of its emergence as the regional hegemon
will be greater economic and financial dependencies and
vulnerabilities, the large-scale shift of business activity to
within its boundaries and its increasing geopolitical influence
across the region. The challenge for China’s neighbours is how to
respond to these evolving dynamics, especially as their strategic
options are increasingly limited and few of the potential future
scenarios are long-term positive. China’s rise, therefore, be
Asia’s decline.
The 1980s and 1990s have witnessed the emergence of globalized
markets accompanied by an uneven process of national and
international deregulation and re-regulation. The combined
activities of transnational corporations in manufacturing
industries (moving towards the global factory) and the newly
privatized businesses in the energy, telecommunications and
transportation sectors have fuelled an unprecedented growth in
global markets and international business networks. The unexpected
but now well established development of capitalism in eastern
Europe and the boom in China's special economic zones have added
still further to the opportunities and risks inherent in the
rapidly developing global economy. For lawyers, economists, and
political scientists one of the most significant aspects of the
emergence of global markets is the question of regulation: how to
regulate market access, product safety, consumer protection laws,
financial services, probity and capital adequacy as well as
anti-trust and competition laws and policies. Businesses complain
that regulatory requirements frequently hinder the development of
new markets. At the same time greater public awareness and concern,
especially over other global issues such as environment protection,
have raised the cost implications of regulatory requirements,
sometimes astronmically. The essays in this volume attempt to
address the success of efforts in the European Community, the US
and elsewhere in the world to regulate in such a way as to
accomodate both the interests of business and the wider interests
of the public. The volume is divided into several sections, the
first which deals with the globalization of regulatory processes.
Other sections examine regulatory competition in the field of
company law, self-regulation and competition in US corporate law;
regulatory regimes in the European Union and the issue of
regulatory coordination affecting economic and social insterests.
This is an original and wide-ranging collection of essays which
will attract a broad readership both in the US and Europe.
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