Funny Money Circulation and Fabric Exports From China to Dubai Through Indian Trading Networks

2021 ◽  
pp. 000276422110200
Author(s):  
Ka-Kin Cheuk
Keyword(s):  
International Trade ◽  
Financial Institutions ◽  
Significant Role ◽  
Political Authority ◽  
Zhejiang Province ◽  
Trade Network ◽  
Business Survival ◽  
Ethnographic Fieldwork ◽  
Financial Transactions ◽  
Trading Networks

Chiefly drawing on my ethnographic fieldwork in the district of Keqiao in Zhejiang Province since 2009, I argue that irregular financial transactions—conceptualized as “funny money” in this article—play a significant role in the sustenance of otherwise tenuous business relations between Indian traders and Chinese suppliers in the China–Dubai fabric trade. Much of the fabric exported from Keqiao to Dubai relies on intertwined formal and informal transactions operated by Indian trading networks. These labyrinthine transnational funny money transactions aim to circumvent institutional hurdles and overcome deficiencies in operating capital, yet inherent to this system is a cycle of payment lags that cause tense relations between payers and payees. Funny money transactions facilitate eventual payment in most cases most of the time and maintain enough trust to keep the trade network alive. Furthermore, the interlocking circuits of funny money also prevent the overaccumulation of wealth and power by any particular stakeholder involved in the international trade and defy or at least circumvent the formal political authority of state and financial institutions that seek to curtail such practices. These transactions thereby create a larger space for business survival among the grassroots players, especially Indian traders who may not have enough capital available when they initiate a deal with a Chinese supplier.

The Chinese Economy From the Underside: Funny Money and Institutional Transformation in the Xi Jinping Era

2021 ◽  
pp. 000276422110200
Author(s):  
Tom Cliff
Keyword(s):  
International Trade ◽  
Social Welfare ◽  
Informal Institutions ◽  
Political Authority ◽  
Chinese Economy ◽  
Institutional Transformation ◽  
Shadow Banking ◽  
Xi Jinping ◽  
Special Issue ◽  
Financial Transactions

This special issue of American Behavioral Scientist examines the irregular transactions and informal institutions that constitute the essential underside of the Chinese economy. Contributors with a range of disciplinary backgrounds explore shadow banking, social welfare and rural development by private enterprise, NGO financing, the credit/debt cycle of informal international trade, and offshore investment by Chinese state-owned enterprises. The question posed by all contributors is as follows: How, in China through the 2010s, do irregular or nonlegal financial transactions influence political authority? Institutions, the rules and norms by which we live, are found to be key. This “Introduction” sketches the conceptual links between money, rules, and ruling in the context of the heightened authoritarianism and institutional formalization of the 2010s—the Xi Jinping era.

PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

2012 ◽  
Vol 19 (2) ◽  
Author(s):  
Rosmawani Che Hashim ◽  
Ahmad Azam Othman ◽  
Akhtarzaite Abdul Aziz
Keyword(s):  
International Trade ◽  
Significant Role ◽  
Case Law ◽  
Huge Amount ◽  
Letter Of Credit ◽  
Relevant Case ◽  
Method Of Payment ◽  
Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

Governing Proliferation Finance

2019 ◽  
Author(s):  
Grégoire Mallard
Keyword(s):  
United Nations ◽  
Financial Institutions ◽  
Security Council ◽  
United Nations Security Council ◽  
Nuclear Nonproliferation ◽  
Global Regulation ◽  
Nuclear Program ◽  
Global System ◽  
Financial Transactions

As the critical sanctions against Iran’s nuclear program demonstrate, the implementation of sanctions against nuclear proliferators has led to the creation of a global system of surveillance of the financial dealings of all states, banks, and individuals, fostered by United Nations Security Council resolutions—a new and unprecedented development. This chapter asks: Which actors have been in charge of designing and implementing sanctions against nuclear proliferators? Which legal technologies have they developed to regulate global financial transactions? Answering these questions generates a better understanding of key processes in global governance: the increasing role of the Security Council as a global legislator; the “financialization” of global regulation, with the increasing role played by international and US domestic financial institutions that were historically foreign to the field of nuclear nonproliferation; and the judicialization of the enforcement of sanctions, which is accompanied by the multiplication of secondary sanctions against sanctions-evaders.

scholarly journals ‘Why Are You Not Crying?’

2021 ◽  
pp. 1-26
Author(s):  
Gladys Akom Ankobrey ◽  
Valentina Mazzucato ◽  
Lauren B. Wagner
Keyword(s):  
Young People ◽  
The Netherlands ◽  
Peer Relationships ◽  
Significant Role ◽  
Cultural Practices ◽  
Country Of Origin ◽  
Transnational Migration ◽  
Migration Background ◽  
Ethnographic Fieldwork ◽  
Transnational Engagement

Abstract This article analyses the ways in which young people with a migration background develop their own transnational engagement with their or their parents’ country of origin. Drawing on 17-months of multi-sited ethnographic fieldwork in the Netherlands and Ghana, we add to the emerging literature on ‘return’ mobilities by analysing young people of Ghanaian background, irrespective of whether they or their parents migrated, and by looking at an under-researched form of mobility that they engage in: that of attending funerals in Ghana. Funerals occupy a central role in Ghanaian society, and thus allow young people to gain knowledge about cultural practices, both by observing and embodying them, and develop their relationships with people in Ghana. Rather than reproducing their parents’ transnational attachments, young people recreate these according to their own needs, which involves dealing with tensions. Peer relationships—which have largely gone unnoticed in transnational migration studies—play a significant role in this process.

Blockchain Technology

2021 ◽  
pp. 215-247
Author(s):  
Somayya Madakam ◽  
Harshita
Keyword(s):  
Financial Institutions ◽  
Credit Card ◽  
Third Party ◽  
Research Articles ◽  
Ongoing Research ◽  
Scientific Databases ◽  
Blockchain Technology ◽  
Innovative Solution ◽  
Youtube Videos ◽  
Financial Transactions

Currently, the financial transactions between individuals, organizations, and companies are taking place with the help of third-party approval of intermediaries such as banks, financial institutions, standardizing bodies, or credit card providers. These transactions involve multilevel approvals, costs, and inefficient processes in some cases, which also lead to waste of time and resources. To resolve these issues, blockchain technology has appeared as a new financial digital innovative solution. Here, financial transactions are online, open, and transparent. In this chapter, the authors present systematic literature of relevant research on blockchain technology. The objective is to understand the historical evolutions, current ongoing research, base technologies, and applications. The authors have extracted research articles from scientific databases including EBSCO, Scopus, Web of Science, and Google Scholar. The online blogs, wikis, media articles, YouTube videos, and companies' white papers on blockchain technology are also used for content analysis.

Part I Introduction, 1 Status of the Global Islamic Finance Industry

2020 ◽  
Author(s):  
Warde Ibrahim
Keyword(s):  
Financial Institutions ◽  
Significant Role ◽  
Islamic Finance ◽  
Trial And Error ◽  
Global Finance ◽  
Finance Industry ◽  
Complex Process ◽  
Islamic Financial Institutions ◽  
Political Economic

This introductory chapter provides an overview of Islamic finance. Modern Islamic finance did not come out of nowhere. It appeared as the result of specific historical circumstances in the 1970s, and later evolved through a complex process of trial-and-error. It was also shaped by broader competitive and political–economic factors. Although religion was by definition central to Islamic finance, other variables—political, economic, social, cultural, and demographic—also played a significant role. No longer confined to the outer fringes of global finance, Islamic finance has also gone mainstream. Most major financial institutions are now involved in one way or another in Islamic finance, as are global consulting, accounting, and information companies. Within the Islamic world, Islamic financial institutions have become major economic players.

China's Geostrategic Approach to Trade in Pursuit of Global Centrality

2021 ◽  
pp. 148-175
Author(s):  
Guy-Maurille Massamba
Keyword(s):  
International Trade ◽  
National Character ◽  
Global Trade ◽  
Trade Expansion ◽  
Trade Network ◽  
Central Node ◽  
Global Power ◽  
Trade Partners ◽  
International Trade Network

The geostrategic approach refers to China's method to rise as global power through worldwide trade expansion and the development of its military and naval capabilities. It creates clusters of countries interlinked as China's trade partners, thus being assets to its global ascent. China's importance in global trade is a function of its partners' behavior embracing its trade mechanism. The edges connecting nodes are multidirectional, implying that countries are as much interested in their China-induced interlinkages as they are in their partnership with China. This results in China's centrality, a quality gained from being dominant in trade partnerships in terms of numbers and significance. This chapter examines the approach, process, and historical, geographic, and behavioral components that China uses in its ascent as central node in the international trade network. It explores how underlying dimensions making China's national character conjointly devise its behavior in global trade.

Sign in / Sign up

Export Citation Format

Share Document