The U.S. financial crisis has spread around the globe. Financial globalization means that most countries and regions are not immune to the contagious effects of a financial crisis that originates in one country.

East Asian countries had already experienced the contagious effects of a financial crisis in 1997. That year, a financial crisis that broke out in Thailand and Indonesia reached Malaysia and then South Korea. Each of these countries reacted differently to the crisis. South Korea, Indonesia, and Thailand accepted International Monetary Fund (IMF) conditionalities that required neoliberal economic restructuring in return for emergency loans, while Malaysia rejected the IMF offer and instead encouraged the inflow of speculative financial capital, while reforming the banking and financial system. In the aftermath of the East Asian financial crisis, regional economic, financial and security cooperation were discussed among East Asian countries. These efforts resulted in the Chiang Mai Initiative, the Bond Initiative, the East Asian Summit, the Shanghai Cooperation Organization, and the Six Party Talks.

Thus, regionalism in East Asia was revived in response to external shocks, such as global financial volatility, endogenous opportunities such as East Asian market compatibility (Pempel, 2008), endogenous security threats such as the North Korean nuclear development, and exogenous opportunities such as "bringing in the U.S." (Pempel, 2008).

Nonetheless, East Asian regionalism is still at a low level of institutionalization compared to Europe. East Asian regionalism is still basically "bottom-up, corporate (market)-driven regionalism" (Pempel, 2005). 

I will discuss the obstacles and the opportunities that Northeast Asian countries are facing since the end of the Cold War and the advent of globalization.

Hyug Baeg Im is Professor at the Department of Political Science and International Relations, Korea University, Seoul, South Korea. He is Dean at the Graduate School of Policy Studies and Director at Institute for Peace Studies. He received B.A. in political science from Seoul National University, M.A. and Ph.D. in political science from the University of Chicago. He was visiting professor at Georgetown University (1995-1996), Duke University (1997), Stanford University (2002-2003) and visiting fellow at International Forum for Democratic Studies, National Endowment for Democracy, Washington DC (1995-1996). He served as a presidential adviser of both Kim Dae Jung and Roh Moo Hyun presidency. His current research focuses on the impact of IT revolution and globalization on Korean democracy. His publications include “The Rise of Bureaucratic Authoritarianism in South Korea,” World Politics, Vol. 34, No. 2 (1987), “South Korean Democratic Consolidation in Comparative Perspective” in Consolidating Democracy in South Korea (Lynne Rienner, 2000) and “’Crony Capitalism’ in South Korea, Thailand, and Taiwan: Myth and Reality,” (co-authored with Kim, Byung Kook) Journal of East Asian Studies, Vol. 1, No. 1 (2001), “Faltering Democratic Consolidation in South Korea: Democracy at the End of Three Kims Era” Democratization, Vol. 11, No. 5(2004), “Christian Churches and Democratization in South Korea” in Tun-jen Cheng and Deborah A. Brown (eds.), Religious Organizations and Democratization: Comparative Case Studies in Contemporary Asia (M.E. Sharpe, 2006) and “The US Role in Korean Democracy and Security since Cold War Era,” International Relations of the Asia Pacific, Vol. 6, No.2 (2006).

As the new year begins, the administration of ROK President Lee Myung-bak faces an unusually complex and rapidly evolving regional security landscape as he seeks to craft a strategy that simultaneously deepens ties with the U.S., protects South Korean equities in North Korea, continues to reduce tensions with neighboring countries and promotes economic objectives in Northeast Asia (including eastern Siberia). What are his options, considerations and prospects for success?

The past year witnessed an accelerated pace and apparent deepening in substance of the nascent security ties between and among the nations of Northeast Asia. A veritable whirlwind of diplomatic activity featured “upgraded” dialogue and symbolic steps. Meanwhile, as token of warming relations and impetus for even closer regional cooperation, China, Japan and the ROK met trilaterally on an array of issues. Ambitious proposals – and cutthroat bargaining – attended competition for a stake in Russian energy resources and potential infrastructure projects in the conjunction of eastern Siberia, Korea and China. Through the year all involved parties – the ROK, China, Russia, Japan, and the U.S. – met in the Six-Party talks context. Each party, excepting North Korea, paid public obeisance to the goal of “transforming” the talks into a new regional security mechanism.

But the year 2009 dawns against the backdrop of uncertainties that cast a cloud over the promise suggested by these developments: the global economic and financial crisis; battered, untested or unpopular political leaderships; competing nationalisms – and national interests; and the import and implications of China’s “rise.”

Mr. Keyser retired from the U.S. Department of State in September 2004 after a 32-year career. He had been a member of the Senior Foreign Service since 1990, and held Washington-based ambassadorial-level assignments 1998-2004. Throughout his career he focused on U.S. policy toward East Asia, particularly China, Taiwan, Hong Kong, Japan and the Korean Peninsula. Fluent in Chinese and professionally conversant in Japanese, Russian and French, he served three tours at the American Embassy in Beijing, two tours at the American Embassy in Tokyo, and almost a dozen years in relevant domestic assignments. In the course of his career, Keyser logged extensive domestic and foreign experience in senior management operations, conflict resolution, intelligence operations and analysis, and law enforcement programs and operations.

Marcus Mietzner is currently Lecturer in Indonesian Studies at the Faculty of Asian Studies, Australian National University. Between 1998 and 2008, he lived, worked and researched in Indonesia. He has published extensively on Indonesian politics, among others in Journal of Southeast Asian Studies, Southeast Asian Research and Contemporary Southeast Asia. His most recent book is Military Politics, Islam, and the State in Indonesia: From Turbulent Transition to Democratic Consolidation, published by ISEAS in Singapore in December 2008.

Barbara Geddes, who earned her Ph.D. from UC, Berkeley, has written about politics and breakdown in authoritarian regimes, bureaucratic reform and corruption, political bargaining over institutional choice and change, and research design. Her publications include Paradigms and Sand Castles: Theory Building and Research Design in Comparative Politic (2003), Politician's Dilemma: Building State Capacity in Latin America (1994), "What Do We Know about Democratization after Twenty Years?" Annual Review of Political Science (1999) and "A Game Theoretic Model of Reform in Latin American Democracies," American Political Science Review (1991). Her current research focuses on politics inside dictatorships. She teaches Latin American politics, authoritarian politics, and research design at UCLA.

Mark Fathi Massoud's research focuses on the development of law in volatile states rife with violent conflict. An attorney of the California Bar, he received his JD and PhD in Jurisprudence and Social Policy from the University of California, Berkeley, School of Law.

Massoud's current research examines tensions between international rule-of-law aid and local perceptions of rights in a divided society.

Massoud's dissertation, which he is revising into a book manuscript at Stanford, builds on the interdisciplinary tradition of law and society to examine the role of law in development. Taking Sudan as a case, it explores how government officials, civil society activists, and the international aid community all use law to construct and maintain their influence over society.

Shadi Hamid is a Hewlett Fellow at the Center for Democracy, Development, and the Rule of Law (CDDRL). He currently also serves as director of research at the Project on Middle East Democracy (POMED). This past year, he was a research fellow at the American Center for Oriental Research in Amman, where he conducted research on the evolving relationship between the Muslim Brotherhood and the Jordanian regime. His articles on Middle East politics and U.S. democracy promotion policy have appeared in The Washington Post, The Christian Science Monitor, The Jerusalem Post, The New Republic, The American Prospect, Democracy: A Journal of Ideas, and other publications. A Marshall Scholar, Hamid is completing his doctoral degree in politics at Oxford University, writing his dissertation on Islamist political behavior in Egypt, Jordan, and Morocco.

Previously, Hamid served as a program specialist on public diplomacy at the State Department and a Legislative Fellow at the Office of Senator Dianne Feinstein. During 2004-5, he was a Fulbright Fellow in Jordan, researching Islamist participation in the democratic process. He writes for the National Security Network's foreign affairs blog Democracy Arsenal and is a security fellow at the Truman National Security Project. He has been a consultant to various organizations on reform-related issues in the Arab world, and has appeared on The NewsHour with Jim Lehrer, NPR, Voice of America, and the BBC. Hamid received his B.S. and M.A. from Georgetown University's School of Foreign Service. 

Minxin Pei is a senior associate in the China Program at the Carnegie Endowment for International Peace. His research focuses on democratization in developing countries, economic reform and governance in China, and U.S.-China relations. He is the author of From Reform to Revolution: The Demise of Communism in China and the Soviet Union (Harvard University Press, 1994) and China’s Trapped Transition: The Limits of Developmental Autocracy (Harvard University Press, 2006). Pei’s research has been published in Foreign Policy, Foreign Affairs, The National Interest, Modern China, China Quarterly, Journal of Democracy and many edited books. Pei is a frequent commentator on BBC World News, Voice of America, and National Public Radio; his op-eds have appeared in the Financial Times, New York Times, Washington Post, Newsweek International, and International Herald Tribune, and other major newspapers. Pei received his Ph.D. in political science from Harvard University.

The United States was one of the early champions of the human rights movement and international criminal justice institutions like the Nuremberg Tribunal and the International Criminal Tribunal for the Former Yugoslavia. It is also a country with a deep constitutional tradition of respect for human rights and the rule of law. Yet the United States has been reluctant to join some of the most important international human rights treaties and has strongly opposed the International Criminal Court (ICC). What explains the U.S. attitude toward the ICC? What should the new Administration's approach tot he ICC be?

Co-presented in commemoration of the 60th Anniversary of the UN Declaration of Human Rights by UNA-USA Midpeninsula Chapter and the Peninsula World Affairs Council

Additional co-sponsors (partial list): Program on Global Justice, Stanford University; American Red Cross Palo Alto Area, Los Altos Library; United Nations Association Film Festival (UNAFF)