Globalization
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In the five decades since the end of the Korean War, Korea has developed from an impoverished, agrarian nation with a per capital GDP of less than $50 to the twelfth largest economy in the world and one of the leading global trading nations with an estimated per capita GDP of U.S. $20,165 in 2010. Despite this phenomenal economic achievement, Korea’s financial system lags behind its economic and trading status. According to the World Bank Survey, its  financial system is ranked twenty-sixth in the world. In order for Korea to continue its economic growth and become a global financial center, its financial system needs to be modernized.

This workshop has been organized to bring senior officials from industry, academic institutes, regulatory bodies, and government together to identify and address some of the issues facing Korea’s capital markets. The workshop’s objective is to conclude with a list of specific action items that can be recommended for implementation in order to address the issues that have been identified.

 

This workshop is made possible by the generous support from the Koret Foundation.

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STANFORD, Calif.—Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) is pleased to announce China’s Caixin Media as the recipient of the 2011 Shorenstein Journalism Award. Caixin was selected for its commitment to integrity in journalism, and for its path-breaking role as a leader in establishing an independent media in China.

The Shorenstein Journalism Award was launched in 2002 to recognize the contributions of Western journalists in deepening our understanding of Asia. In 2011, the recipients of the award have been broadened to encompass Asian journalists who are at the forefront of the battle for press freedom in Asia and who have played a key role in constructing a new role for the media, including the growth of social media and Internet-based journalism. The award will also identify those Asian journalists who, from that side of the Pacific Ocean, have aided the growth of mutual understanding between Asia and the United States.

Asia has served as a crucible for the role of the press in democratization in places such as South Korea, Taiwan, India, Pakistan, and Indonesia. It has also figured greatly in the emergence of social media and citizen journalism. New tests of the role of the media are emerging in China, Vietnam, and other authoritarian societies in Asia. The Shorenstein Journalism Award aims to encourage the understanding of key issues facing the media in Asia, among them whether the Internet will be a catalyst for change or an instrument of authoritarian control.

The decision to name Caixin Media as the first recipient of this award in Asia is a recognition of the leadership role of a group of young journalists, led by a visionary editor, since their founding of Caijing magazine in 1998. The core group moved on in November 2009 to found Caixin Media in an effort to preserve their independence in a media environment dominated by the state in China. The company is based in Beijing and is guided by an independent advisory board of noted Chinese and foreign intellectuals and academics. The Caixin team has achieved renown for its coverage of the profound economic and social changes taking place in China and its willingness to dig into the darker corners of that change. In recent months, Caixin has probed into the errors that led to the crash of a high-speed train in China, and investigated the seizure and sale of children by family planning officials in Hunan province.

Hailed by the Economist as “one of China’s more outspoken media organizations,” Caixin is internationally recognized for its tough-minded investigative reporting. In 2011, Caixin editor-in-chief Hu Shuli was named one of Time Magazine’s Top 100 Influential People, and managing editor Wang Shuo was ranked among China’s top 10 young editors.

Caixin publishes several leading print and online publications, including the weekly business and finance magazine Caixin Century, the monthly periodical China Reform, the bimonthly journal Comparative Studies, and the English-language Caixin Weekly: China Economics and Finance. Caixin’s numerous other offerings include a Chinese- and English-language news portal Caixin.cn, a publication series, video programming, an international journalism fellowship program, and extensive use of social media.

On December 7, Hu and Wang will visit Stanford to accept the Shorenstein Journalism Award. They will participate in a daytime public panel discussion on the future of China’s independent media, joining acclaimed China historian and former Pulitzer Prize jury member Orville Schell, Shorenstein APARC associate director for research Daniel C. Sneider, and other noted Asia specialists. That evening, Hu and Wang will receive a cash prize of $10,000 during a dinner and award ceremony.

Hu’s distinguished career spans both print and broadcast journalism. She is a former Stanford Knight Journalism Fellow (1994), and, in addition to her role as Caixin’s editor-in-chief, currently serves as dean of the School of Communications and Design at Sun Yat-sen University. A recipient of the 2007 Louis Lyons Award for Conscience and Integrity in Journalism, Hu is frequently named on annual Who’s Who lists by publications such as Foreign Policy.

Wang is a former international editor for People’s Daily, a Chinese government-run newspaper published nationally. Recognized as one of the brightest rising stars in his field, Wang was named as a Young Leader in 2007 and 2008 by the Boao Forum for Asia, and as a media leader by the World Economic Forum. He has led the investigative journalism teams at Caixin.

About the Award

Established in 2002, the Shorenstein Journalism Award carries a cash prize of $10,000 and honors a journalist not only for a distinguished body of work, but also for the particular way that work has helped American readers to understand the complexities of Asia. The award was named after Walter H. Shorenstein, the philanthropist, activist, and businessman who endowed two institutions that are focused respectively on Asia and on the press: Shorenstein APARC in the Freeman Spogli Institute at Stanford University, and the Joan Shorenstein Center on the Press, Politics, and Public Policy in the Kennedy School of Government at Harvard University.

The award was originally designed to honor distinguished American journalists for their work on Asia, including veteran correspondents for leading American media such as the New York Times, the Washington Post, Newsweek, NBC News, PBS, and the Wall Street Journal. Past recipients include Stanley Karnow, Orville Schell, Don Oberdorfer, Nayan Chanda, Melinda Liu, John Pomfret, Ian Buruma, Seth Mydans, and Barbara Crossette.

Shorenstein APARC believes that it is vital to continue the Shorenstein Journalism Award, not only to honor the legacy of Walter H. Shorenstein and his twin passions for Asia and the press, but also to promote the necessity of a free and vibrant media for the future of relations between Asia and the United States. Moreover, as we have seen recently in the Middle East, a free press, not only in its traditional forms of print and broadcast but now also via the Internet and new avenues of social media, remains the essential catalyst for the growth of democratic freedom. The award is given annually based on the deliberations and decision of a distinguished jury whose members include:

Ian Buruma, the Henry R. Luce Professor of Democracy, Human Rights, and Journalism at Bard College, is a noted Asia expert who frequently contributes to publications including the New York Times, the New York Review of Books, and the New Yorker. He is a recipient of the Shorenstein Journalism Award and the international Erasmus Prize (both in 2008). 

Nayan Chanda, director of publications at the Yale Center for the Study of Globalization, served for nearly 30 years as editor, editor-at-large, and correspondent for the Far Eastern Economic Review. He was honored with the Shorenstein Journalism Award in 2005.

Susan Chira, assistant managing editor for news and former foreign editor of the New York Times, has extensive Asia experience, including serving as Japan correspondent for the Times in the 1980s. During her long tenure as foreign editor, the Times twice won the Pulitzer Prize for International Reporting (2009 and 2007).

Donald K. Emmerson, a well-respected Indonesia scholar, serves as director of Shorenstein APARC’s Southeast Asia Forum and as a research fellow for the prestigious National Asia Research Program (NARP). Frequently cited in the international media, Emmerson also contributes op-eds to leading publications such as the Asia Times.

Orville Schell is the Arthur Ross Director at the Asia Society Center on U.S.-China Relations, and is also a former jury member for the Pulitzer Prize for International Reporting. He has written extensively on China, and was awarded the 1997 George Peabody Award for producing the groundbreaking documentary the Gate of Heavenly Peace. He received the Shorenstein Journalism Award in 2003.

Daniel C. Sneider serves as the associate director for research at Shorenstein APARC and also as a NARP research associate. He frequently contributes articles to publications such as Foreign Policy, Asia Policy, and Slate and had three decades of experience as a foreign correspondent and editor for publications including the Christian Science Monitor and the San Jose Mercury News.  

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Newsstand in Shanghai, July 2010.
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Walter H. Shorenstein
Asia-Pacific Research Center
616 Serra St C332
Stanford University
Stanford, CA 94305-6055

(650) 725-0938 (650) 723-9741
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Korean Studies Program Visiting Scholar
EunyoungHa.jpg PhD

Eunyoung Ha is an assistant professor in the department of politics and policy in Claremont Graduate University’s School of Politics and Economics.

Ha's research areas include comparative politics, political economy, and political institutions. Her work has dealt primarily with the impact of globalization and domestic political institutions on domestic political economy, particularly as manifested in inequality, poverty, growth, unemployment, inflation, welfare spending, and taxation.

Ha received a PhD in political science from the University of California, Los Angeles, in 2007. In her dissertation, Distributive Politics in the Era of Globalization, she explains how globalization and government ideology have shaped income distribution in terms of welfare, inequality, and poverty. She currently works on government policy responses to financial crises and their political and economic effects.


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Ha will examine how economic and political responses alter according to the types of financial crises -- currency crisis, banking crisis, and sovereign debt crisis -- encountered and how domestic political institutions influence government responses to these crises. She argues that fiscal and monetary policies tend to be more severely tightened under a currency crisis than under other crises, and the intensity of political atmosphere such as elections and electoral competitions pressures the governments to moderate the fiscal policies and even to adopt expansionary policies.

Ha is an assistant professor in the department of politics and policy in the School of Politics and Economics at Claremont Graduate University. Her research areas include comparative politics, political economy, and political institutions. Her work has dealt primarily with the impact of globalization and domestic political institutions on domestic political economy, particularly as manifested in inequality, poverty, growth, unemployment, inflation, welfare spending, and taxation.

Ha received a PhD in political science from the University of California, Los Angeles, in 2007. In her dissertation, Distributive Politics in the Era of Globalization, she explains how globalization and government ideology have shaped income distribution in terms of welfare, inequality, and poverty. She currently works on government policy responses to financial crises and their political and economic effects.

Space is limited and RSVPs will be accepted on a first come, first served basis.


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Eunyoung Ha Visiting Scholar, Shorenstein APARC, Stanford University; Assistant Professor, School of Politics and Economics, Claremont Graduate University Speaker
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Dan Wang, a doctoral candidate in the Department of Sociology at Stanford, delivered an engaging talk on the economic impact of skilled return migrants on their home countries.

While much scholarship contends that members of skilled diasporas are ideally positioned to transfer knowledge and resources back to their home countries, Wang's research suggests that many returnees are often unable and/or unwilling to do so. In this last SPRIE seminar of the spring quarter, Wang presented findings from a novel 1997–2011 survey of over 4,250 former J1 Visa holders from over 80 countries. The principal outcome studied concerns how skilled returnees reapply and make use of the knowledge they gain abroad (in this case, the United States) upon reentry to their home countries. Specifically, Wang compared the knowledge transfer outcomes of returnees to those who stayed abroad, and contrasted returnees from different countries and industry contexts, including returnee entrepreneurs.

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Dan Wang's seminar on reversing the brain drain at SPRIE on May 31, 2011.
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Eight-four percent of Fortune Global 100 companies worldwide now utilize at least one social media platform (SMP), indicates a recent study by the public relations firm Burson-Marsteller.

Numerous statistical studies such as this exist, but how do we understand the numbers in terms of the actual impact of SMPs on business?

Despite the growing adoption of SMPs as a business tool, this is still a relatively new and under-studied area of technology—even in Silicon Valley where many SMP innovations originate, says Rafiq Dossani, a senior research scholar at Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC). Dossani defines SMPs as “information and communications technology platforms designed for interaction among participants.” He and other academic and industry experts convened at Stanford on May 25 for a discussion of SMP business trends, especially in the areas of recruitment and business development in Silicon Valley.

Their goal? To begin developing a theoretical framework for the study of SMPs as a tool in today’s global business environment. Findings presented during the conference suggest that SMPs serve as another tool for doing business, but do not supplant existing systems and practices. In addition, a great deal of future research is needed on the subject.

Organized by Shorenstein APARC’s Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE), the conference was the sixth in an annual series dedicated to examining the globalization of business services. Previous conferences have addressed topics including outsourcing, system integrators, international recruitment, and clean technologies.

Opening the first session about social media trends among Silicon Valley employers, Philip Jordan and Stephen Jordan of Green LMI Consulting presented findings from a recent survey they conducted of over three hundred firms, especially of larger and technology-related companies. Their study found that over half of Silicon Valley firms surveyed are utilizing social media for external communication and/or for the recruitment and evaluation of new employees, pointing to the utility for job seekers to maintain a professional-looking online presence. Nonetheless, they emphasized that “real” skills and expertise still matter the most to employers.

Manuel Serapio, faculty director and associate professor of international business at the University of Colorado Denver (UC Denver) moderated the panel discussion that followed. Panelists Rahim Fazal, CEO and co-founder of Involver, and Tuomo Nikulainen, a researcher at ETLA, the Research Institute of the Finnish Economy, provided commentary during the session.

Dossani led the second session about social media in the workplace with a presentation summarizing a study he conducted on the value of SMPs to business organizations. Surveying employees at twenty Silicon Valley companies, Dossani tested the hypothesis that a SMP has value “only if it improves the reliability of existing information or enables the generation of new information.” SMPs do not automatically generate such information, he stated. Some SMPs are better at generating reliable information (eg., a CEO’s blog) and others enable the generation of new information (eg., a discussion forum). Dossani categorized SMPs in the study by the extent of collaboration they permitted among participants in the creation of new information, as well as the control that was possible over the flow of information. Depending on how the usage of an SMP is organized—who participates and its governance structure—information of potential value to corporates is generated. Dossani noted the difference between individual SMPs, such as Twitter, and websites, such as YouTube, that integrate a number of different social media functions, including video and discussion forums.

In the study, Dossani proposed a theoretical framework for research on SMP business trends, informed by work about strong and weak “ties” conducted by Stanford sociologist Mark Granovetter. The survey results indicated that SMPs are found useful for project management (low control/high collaboration SMPs) and building employee and consumer awareness (high control/low collaboration SMPs). While this provided support for the hypothesis, said Dossani, other evidence did not support it, such as the limited use of SMPs for human resource functions and strategic planning. This might be due to the nascency of technologies, lack of diversity of platforms, or limited familiarity with the potential of SMPs—clearly, exciting subjects for future research, he concluded.

Henry S. Rowen, co-director of SPRIE, moderated the panel discussion that accompanied Dossani’s presentation. Panelists included Matt Ceniceros, director of global media relations at Applied Materials; Ankit Jain, a software engineer at Google; Don McCullough, vice president of marketing for IP and broadband at Ericsson; and Saurabh Mittal, head of customer experience practice at Wipro.

Emerging from the conference is the understanding that companies are increasingly embracing SMPs as a tool to enhance their current business practices, but not uniformly. To understand the role of SMPs in business—both in Silicon Valley and worldwide—a theoretical framework, such as Dossani suggested, and further studies are needed.

Papers and slides from the two main presentations are now available online, with full audio from the event to be added soon.

In addition to longtime Globalization of Business Services conference co-sponsors Wipro, UC Denver, and ETLA, Adobe and Ericsson also provided co-sponsorship for this year’s event.

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Social media tools are increasingly used in today's global business environment.
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