Economic Affairs

Michael Armacost recently gave a talk, examining the “rise” of China, at a gathering of international affairs experts. “How should we think of China,” asked Armacost, saying, “Some portray Beijing as a looming military threat; some regard it as our most promising global partner; some expect it to compete fiercely with us for global economic leadership.” Armacost looked at China’s military, trade, economics, and education in relation to the United States and shared thoughts for preparing the United States to become more competitive for the future.

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Former Shorenstein APARC Fellow
Michael_Armacost.jpg PhD

Michael Armacost (April 15, 1937 – March 8, 2025) was a Shorenstein APARC Fellow at the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) from 2002 through 2021. In the interval between 1995 and 2002, Armacost served as president of Washington, D.C.'s Brookings Institution, the nation's oldest think tank and a leader in research on politics, government, international affairs, economics, and public policy. Previously, during his twenty-four-year government career, Armacost served, among other positions, as undersecretary of state for political affairs and as ambassador to Japan and the Philippines.

Armacost began his career in academia, as a professor of government at Pomona College. In 1969, he was awarded a White House Fellowship and was assigned to the Secretary and Deputy Secretary of State. Following a stint on the State Department's policy planning and coordination staff, he became a special assistant to the U.S. ambassador in Tokyo from 1972 to 74, his first foreign diplomatic post. Thereafter, he held senior Asian affairs and international security posts in the State Department, the Defense Department, and the National Security Council. From 1982 to 1984, he served as U.S. ambassador to the Philippines and was a key force in helping the country undergo a nonviolent transition to democracy. In 1989, President George Bush tapped him to become ambassador to Japan, considered one of the most important and sensitive U.S. diplomatic posts abroad.

Armacost authored four books, including, Friends or Rivals? The Insider's Account of U.S.–Japan Relations (1996), which draws on his tenure as ambassador, and Ballots, Bullets, and Bargains: American Foreign Policy and Presidential Elections (2015). He also co-edited, with Daniel Okimoto, the Future of America's Alliances in Northeast Asia, published in 2004 by Shorenstein APARC. Armacost served on numerous corporate and nonprofit boards, including TRW, AFLAC, Applied Materials, USEC, Inc., Cargill, Inc., and Carleton College, and he currently chairs the board of The Asia Foundation.  

A native of Ohio, Armacost graduated from Carleton College and earned his master's and doctorate degrees in public law and government from Columbia University. He received the President's Distinguished Service Award, the Defense Department's Distinguished Civilian Service Award, the Secretary of State's Distinguished Services Award, and the Japanese government’s Grand Cordon of the Order of the Rising Sun.

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Michael H. Armacost recently gave a talk, examining the "rise" of China, at a gathering of international affairs experts. "How should we think of China," asked Armacost, saying, "Some portray Beijing as a looming military threat; some regard it as our most promising global partner; some expect it to compete fiercely with us for global economic leadership." Armacost looked at China's military, trade, economics, and education in relation to the United States and shared thoughts for preparing the United States to become more competitive for the future.

 

 

 

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WASHINGTON, D.C.- Phillip Lipscy of Stanford University was among the scholars to join a week-long meeting of the U.S.-Japan Network for the Future in Washington, D.C. in June. Dr. Lipscy was one of 15 emerging Japan specialists selected for the U.S.-Japan Network for the Future, a new program launched last year by the Maureen and Mike Mansfield Foundation in collaboration with the Japan Foundation Center for Global Partnership. The purpose of this program is to build and enhance a network of new generation Japan specialists that can bring diverse expertise and perspectives to the U.S.- Japan policymaking process.

Dr. Lipscy is an assistant professor of political science and FSI Center Fellow at the Shorenstein Asia Pacific Research Center at Stanford University. His fields of research include Japanese politics, U.S.-Japan relations, international and comparative political economy, international security, and regional cooperation in East and Southeast Asia. His most recent research examines the politics of financial crises with a particular focus on Japan and the United States. He has also written on a wide range of topics such as negotiations over representation in international organizations, the politics of energy efficiency, the use of secrecy in international policymaking, and Japanese responses to the Asian financial crisis. Dr. Lipscy obtained his PhD in political science at Harvard University. He received his MA in international policy studies and BA in economics and political science at Stanford University. In 2009, he was named as the inaugural Sakurako and William Fisher Family Faculty Scholar.

During the meeting in Washington, Dr. Lipscy and the other U.S.-Japan Network for the Future Fellows had an opportunity to meet with senior policymakers and participate in briefings about current issues affecting U.S.-Japan relations. The meeting followed an introductory meeting for U.S.-Japan Network for the Future Fellows held in Washington this January. U.S.-Japan Network for the Future Fellows also will participate in workshops and a study trip to Japan during the two-year program. They will help shape public policy by preparing opinion pieces and by sharing their views and recommendations at a public Policy Brief Session in Washington in early 2011. These and other activities are expected to lead to deeper and more vigorous dialogue and research on topics of immediate concern to U.S.- Japan relations as well as on ways to strengthen the bilateral relationship through cooperation and shared goals in the global arena. A list of the U.S.-Japan Network for the Future Fellows and more information about the program is available on the Mansfield Foundation's website.

The Maureen and Mike Mansfield Foundation is a 501(c)3 organization that promotes understanding and cooperation in U.S.-Asia relations. The Foundation has offices in Washington, D.C.; Tokyo, Japan; and Missoula, Montana.

The Center for Global Partnership (CGP) is a part of the Japan Foundation, which is a Japanese Independent Administrative Institution (Dokuritsu Gyosei Hojin). CGP operates grant programs as well as self-initiated projects and fellowships. CGP has offices in Tokyo, Japan and New York, New York.

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Speaking on June 17, 2010 in a television interview in South Korea, Dr. Gi-Wook Shin, Director of the Walter H. Shorenstein Asia-Pacific Research Center (APARC) at Stanford University, said, “No one can now ignore or overlook the importance of Asia.” He spoke of the rise of Asian countries in the past 50 years, particularly in the area of economics, and the world’s growing awareness of Asia. Dr. Shin discussed the important role that Shorenstein APARC and its Korean Studies Program (KSP) play in the field of Asian studies, noting that Shorenstein APARC’s unique focus on research, policy, and the social sciences distinguishes it from most academic Asian studies centers in the United States. He explained that not only do scholars from Shorenstein APARC carry out academic research, but they also “produce some policy reports for the American government and…try to promote dialogue between the U.S. and Asian countries.”

In his interview with Heart to Heart (Arirang TV) host Kolleen Park, Dr. Shin discussed the history of the field of Asian studies, noting the growing importance of Korean studies in the past 15 years. Dr. Shin said that in the past 100 years of Korean history are found “the key elements that we talk about in the social sciences.” He then asked, “How can we use the Korean experience to generate a general model or theoretical experience for the rest of the world?”

Dr. Shin’s interview took place during his visit to South Korea for the POSCO Asia Forum where he was a keynote speaker. The theme of the 2010 Forum was the “Globalization of Asian Culture.” “Looking back, Asia had a great contribution to human society and human civilization,” Dr. Shin said. His motivation in addressing the attendees of the Forum, he explained was, “I felt that it was time to take Asia more seriously and think about how Asia can continue to make contributions to human society and civilization.”

Highlights from the POSCO Asia Forum, a summary of Dr. Shin’s new book One Alliance, Two Lenses: U.S.-Korea Relations in a New Era (Stanford University Press 2010), and Dr. Shin’s thoughts on relations between the two Koreas are also covered in the interview.

Shorenstein APARC
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Senior Fellow at the Freeman Spogli Institute for International Studies
Professor of Sociology
William J. Perry Professor of Contemporary Korea
Professor, by Courtesy, of East Asian Languages & Cultures
Gi-Wook Shin_0.jpg PhD

Gi-Wook Shin is the William J. Perry Professor of Contemporary Korea in the Department of Sociology, senior fellow at the Freeman Spogli Institute for International Studies, and the founding director of the Korea Program at the Walter H. Shorenstein Asia-Pacific Research Center (APARC) since 2001, all at Stanford University. In May 2024, Shin also launched the Taiwan Program at APARC. He served as director of APARC for two decades (2005-2025). As a historical-comparative and political sociologist, his research has concentrated on social movements, nationalism, development, democracy, migration, and international relations.

In Summer 2023, Shin launched the Stanford Next Asia Policy Lab (SNAPL), which is a new research initiative committed to addressing emergent social, cultural, economic, and political challenges in Asia. Across four research themes– “Talent Flows and Development,” “Nationalism and Racism,” “U.S.-Asia Relations,” and “Democratic Crisis and Reform”–the lab brings scholars and students to produce interdisciplinary, problem-oriented, policy-relevant, and comparative studies and publications. Shin’s latest book, The Four Talent Giants, a comparative study of talent strategies of Japan, Australia, China, and India to be published by Stanford University Press in the summer of 2025, is an outcome of SNAPL.

Shin is also the author/editor of twenty-seven books and numerous articles. His books include The Four Talent Giants: National Strategies for Human Resource Development Across Japan, Australia, China, and India (2025)Korean Democracy in Crisis: The Threat of Illiberalism, Populism, and Polarization (2022); The North Korean Conundrum: Balancing Human Rights and Nuclear Security (2021); Superficial Korea (2017); Divergent Memories: Opinion Leaders and the Asia-Pacific War (2016); Global Talent: Skilled Labor as Social Capital in Korea (2015); Criminality, Collaboration, and Reconciliation: Europe and Asia Confronts the Memory of World War II (2014); New Challenges for Maturing Democracies in Korea and Taiwan (2014); History Textbooks and the Wars in Asia: Divided Memories (2011); South Korean Social Movements: From Democracy to Civil Society (2011); One Alliance, Two Lenses: U.S.-Korea Relations in a New Era (2010); Cross Currents: Regionalism and Nationalism in Northeast Asia (2007);  and Ethnic Nationalism in Korea: Genealogy, Politics, and Legacy (2006). Due to the wide popularity of his publications, many have been translated and distributed to Korean audiences. His articles have appeared in academic and policy journals, including American Journal of SociologyWorld DevelopmentComparative Studies in Society and HistoryPolitical Science QuarterlyJournal of Asian StudiesComparative EducationInternational SociologyNations and NationalismPacific AffairsAsian SurveyJournal of Democracy, and Foreign Affairs.

Shin is not only the recipient of numerous grants and fellowships, but also continues to actively raise funds for Korean/Asian studies at Stanford. He gives frequent lectures and seminars on topics ranging from Korean nationalism and politics to Korea's foreign relations, historical reconciliation in Northeast Asia, and talent strategies. He serves on councils and advisory boards in the United States and South Korea and promotes policy dialogue between the two allies. He regularly writes op-eds and gives interviews to the media in both Korean and English.

Before joining Stanford in 2001, Shin taught at the University of Iowa (1991-94) and the University of California, Los Angeles (1994-2001). After receiving his BA from Yonsei University in Korea, he was awarded his MA and PhD from the University of Washington in 1991.

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Director of the Korea Program and the Taiwan Program, Shorenstein Asia-Pacific Research Center
Director of Stanford Next Asia Policy Lab, APARC
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Speaking on June 17, 2010 in a television interview in South Korea, Dr. Gi-Wook Shin, Director of the Walter H. Shorenstein Asia-Pacific Research Center (APARC) at Stanford University, said, "No one can now ignore or overlook the importance of Asia." He spoke of the rise of Asian countries in the past 50 years, particularly in the area of economics, and the world's growing awareness of Asia. Dr. Shin discussed the important role that Shorenstein APARC and its Korean Studies Program (KSP) play in the field of Asian studies, noting that Shorenstein APARC’s unique focus on research, policy, and the social sciences distinguishes it from most academic Asian studies centers in the United States. He explained that not only do scholars from Shorenstein APARC carry out academic research, but they also “produce some policy reports for the American government and…try to promote dialogue between the U.S. and Asian countries.”

In his interview with Heart to Heart (Arirang TV) host Kolleen Park, Dr. Shin discussed the history of the field of Asian studies, noting the growing importance of Korean studies in the past 15 years. Dr. Shin said that in the past 100 years of Korean history are found “the key elements that we talk about in the social sciences.” He then asked, “How can we use the Korean experience to generate a general model or theoretical experience for the rest of the world?”

Dr. Shin’s interview took place during his visit to South Korea for the POSCO Asia Forum where he was a keynote speaker. The theme of the 2010 Forum was the “Globalization of Asian Culture.” “Looking back, Asia had a great contribution to human society and human civilization,” Dr. Shin said. His motivation in addressing the attendees of the Forum, he explained was, “I felt that it was time to take Asia more seriously and think about how Asia can continue to make contributions to human society and civilization.”

Highlights from the POSCO Asia Forum, a summary of Dr. Shin’s new book One Alliance, Two Lenses: U.S.-Korea Relations in a New Era (Stanford University Press 2010), and Dr. Shin’s thoughts on relations between the two Koreas are also covered in the interview. Watch the entire interview online here at the Shorenstein APARC website and learn more about the activities of Shorenstein APARC and KSP.

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The 2008–2009 financial crisis demands we look anew at the role of corporations, and the working of financial markets around the world. In this challenging and insightful book, one of our most eminent economists provides a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures.

In recent decades the firm has predominantly been seen as an organization run and governed in the interests of shareholders, where management acts as the agent of shareholders, and the workers simply as instruments for share-value maximization. This book reverses this viewpoint. It sees corporations as associational cognitive systems where "cognitive actions" are distributed amongst managers and workers, with shareholders supplying "cognitive tools" and monitoring their use in the systems. Aoki analyses the different relationships that can exist between shareholders, managers, and workers from this perspective, and identifies a range of different models of organizational architecture and associated governance structures. He also discusses ways in which corporations act as players in social, political, and organizational games, as well as global economic games; how these inter-related social dynamics may change particular, distinctive national structures into the diversity incorporated in the global corporate landscape; and how they now call for new roles for financial markets.


"Masahiko Aoki uses the social mathematics of game theory to reveal the deep structure of corporate governance systems, in the process explaining the persistence of diversity under conditions of globalization. His profound and highly original analysis speaks directly to the issue of corporate governance reform in the aftermath of the financial crisis of 2008–9."
-Simon Deakin, Professor of Law, University of Cambridge

"The recent wave of fraud, corruption, and fiscal irresponsibility at the highest corporate levels dramatizes the need for a model of the modern corporation that is at the same time deeply economic in the recognition of the centrality of incentives, and deeply sociological in the recognition of the centrality of social norms and a culture of corporate morality. Professor Aoki has combined his magisterial knowledge of business organization with a foundational study of the role of culture in epistemic game theory to produce, for the first time, a truly transdisciplinary model of the corporation."
-Herbert Gintis, Santa Fe Institute

"This is a path breaking book that provides a rigorous analysis of the cognitive underpinnings of corporations. It gives fundamental insights into the diversity of organizational forms that exist and the association of these with the historical, political, social, and technological contexts within which they operate. As with so much of Professor Aoki's work, it will radically alter the way in which we view the corporation."
-Colin Mayer, Peter Moores, Dean, Saïd Business School, University of Oxford

"A pioneering contribution which formalizes in game theoretic language complex institutional structure and environment of the corporation both at a moment of time and over time."
-Douglass C. North, Nobel Laureate in Economics 1993, Spencer; T. Olin Professor in Arts and Sciences, Washington University in St. Louis

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Many researchers have concluded that longer life expectancies prompt increased investment in education, as a prolonged labor supply raises the rate of return on education. Besides explaining the empirical evidence behind this conclusion (at an absolute level), there is another issue to be discussed: does time spent in studying and working increase proportionally with higher longevity? Building on an extended life-cycle model with an assumption on a more realistic distribution of life cycle mortality rates, this article considers dynamic effects of prolonging longevity on economic development by directly introducing changes in longevity into the economy, which is more preferable than comparative static analysis that relies on changes in relevant parameters. It shows that prolonged life expectancy will cause individuals to increase their time in education but may not warrant rises in labor input. Later we show that higher improvement rate of longevity will also promote economic growth, even if we exclude the mechanism of human capital formation and only consider the growth effects of the higher improvement rate of life expectancy from physical capital investment.

Forthcoming in The Chinese Journal of Population, Resources and the Environment

Published: Qiong, Zhang. "Longevity, Capital Formation and Economic Development." Chinese Journal of Population Resources and Environment 10.1 (2012): 53-63.

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Asia Health Policy Program working paper #16
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Donald K. Emmerson
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The Southeast Asia Forum experienced an embarrassment of riches in 2009-2010.  In no previous academic year had the Forum enjoyed the intellectual company of so many first-rate scholars working on Southeast Asia at Stanford.  They were six in all—Marshall Clark (Australia), James Hoesterey (US), Juliet Pietsch (Australia), Thitinan Pongsudhirak (Thailand), Sudarno Sumarto (Indonesia), and Christian von Luebke (Germany)—three for the full academic year and three for two months apiece.  All six visitors shared their findings and thoughts on Southeast Asia in talks hosted by SEAF.  Not least among the pleasures of having them at Stanford was a Spring 2010 seminar in which they read each other’s work in progress and shared ideas as to how it might be improved.  These conversations gave specific, heuristic, and collegial meaning to the abstract notion of “a community of scholars.”

Here are brief updates on all six as of the end of June 2010:  

Marshall Clark

A lecturer in Indonesian studies at Deakin University in Australia, Dr. Clark came to Stanford on sabbatical to spend two months at Stanford in Spring 2010 writing up and sharing his research findings with US-based colleagues.  Publications associated with his stay at APARC include two books, Maskulinitas:  Culture, Gender and Politics in Indonesia (Monash University Press, 2010) and Indonesia-Malaysia Relations:  Media Politics and Regionalism (co-authored with Juliet Pietsch and forthcoming in 2011), and two articles, “The Ramayana in Southeast Asia: Fostering Regionalism or the State?” in Ramayana in Focus, and (with Dr. Pietsch) “Generational Change:  Regional Security and Australian Engagement with Asia,” The Pacific Review  During his time with SEAF he presented papers at venues including the Association for Asian Studies convention in Philadelphia in March 2010.  In April at the University of California-Berkeley at the Islam Today Film Festival he moderated a discussion of the ins and outs of making movies in Indonesia and Malaysia. (2010).

He returns to his position on the faculty of Deakin University.

James Hoesterey

Dr. Hoesterey was awarded the Walter H. Shorenstein Fellowship to spend the academic year at APARC working on several projects, including revising his University of Wisconsin-Madison doctoral dissertation into a book.  Based on anthropological research in Indonesia on media-savvy Muslim preachers, Sufi Gurus and Celebrity Scandal:  Islamic Piety on the Public Stage should be under review in 2010 for possible publication in 2011.  Also in the pipeline are an essay, “Shaming the State: Pop Preachers and the Politics of Pornography in Indonesia,” to appear in a volume he is co-editing with political scientist Michael Buehler, and chapters in Muslim Cosmopolitanisms and Digital Subjectivities:  Anthropology in the Age of Mass Media.  During his fellowship he spoke to audiences at several US universities.  In March 2010 he was elected incoming chair of the Indonesian and East-Timor Studies Committee of the Association for Asian Studies.

In Fall 2010 the BBC-Discovery Channel series “Human Planet” will feature Dr. Hoesterey’s work as a cultural consultant with documentary-film makers in West Papua.  He will spend AY 2010-11 in Illinois as the Andrew W. Mellon Postdoctoral Fellow in Islamic Studies at Lake Forest College.  

Juliet Pietsch

Dr. Pietsch is a senior lecturer in the School of Politics and International Relations at the Australian National University.  During her two-month sabbatical at Stanford in Spring 2010 she worked on two books:  Indonesia-Malaysia Relations: Media, Politics and Regionalism (with Dr. Clark) and (with two other co-authors) Dimensions of Australian Society (3rd ed., Palgrave Macmillan, 2010).  In April, jointly with Dr. Clark, she spoke at the Berkeley APEC Study Center on “Indonesia-Malaysia Relations and Southeast Asian Regional Identity.”

Dr. Pietsch returns to her faculty position at the Australian National University.

Thitinan Pongsudhirak

Dr. Pongsudhirak is an associate professor in the Department of International Relations in the Faculty of Political Science at Chulalongkorn University, whose Institute of Security and International Studies he also heads.  He was selected to spend a month at Stanford in Spring 2010 as an FSI-Humanities Center international scholar, and was supported for a second month by FSI’s Center on Democracy, Development, and the Rule of Law.  During his time on campus he focused on the turbulent politics of Thailand—in an article drafted for the Journal of Democracy, in a number of shorter pieces, in lectures at various venues, and in interviews with media around the world.  (For a filmed interview on 4 June 2010, see http://absolutelybangkok.com/thitinan-on-continuity-change/.)

Dr. Pongsudhirak will briefly rejoin some of his Stanford colleagues at a conference on Asian regionalism to be hosted by APARC in Kyoto in September 2010.  Meanwhile he continues his scholarship and teaching at Chulalongkorn.

Sudarno Sumarto

An Indonesian economist specializing on poverty reduction, Dr. Sumarto spent AY 2009-2010 at APARC as an Asia Foundation fellow writing up research, lecturing on and off campus, and advising Indonesian officials on anti-poverty policy.  Notable among the publications resulting from his residence at Stanford is a book, Poverty and Social Protection in Indonesia (Singapore / Jakarta:  ISEAS / Smeru Institute, May 2010), which he co-edited and most of whose chapters he co-wrote.  Noteworthy, too, is a co-authored essay, “Targeting Social Protection Programs:  The Experience of Indonesia,” in Deficits and Trajectories: Rethinking Social Protection as Development Policy in the Asia Region (forthcoming, 2010).  Indonesia-related subjects of writing in progress include lessons from the cash transfer program, how such transfers have affected political participation, and the impacts of violent conflict on economic growth.  During his stay at Stanford, Dr. Sumarto was chosen to co-convene the September 2010 Indonesia Update conference in Canberra on “Employment, Living Standards, and Poverty in Contemporary Indonesia” and to co-edit the resulting book. 

Dr. Sumarto returns to Jakarta to become a senior research fellow at the Smeru Institute, which he co-founded and directed, and to continue his work on poverty alleviation in Indonesia.

Christian von Luebke

Former Shorenstein fellow Dr. von Luebke completed the first year of a two-year German Research Foundation fellowship at Stanford writing a book on democracy and governance in Southeast Asia.  Before the end of 2010, Gauging Governance:  The Mesopolitics of Democratic Change in Indonesia should be in the pipeline toward publication.  Other relevant work includes “Politics of Reform:  Political Scandals, Elite Resistance, and Presidential Leadership in Indonesia,” Journal of Current Southeast Asian Affairs (2010), and a co-authored piece on current economics and politics in the Bulletin of Indonesian Economic Studies (2010).  Pending revision and resubmission is an article on the political economy of investment climates in Indonesia.  In the course of the year he spoke on his research before audiences in North America, Europe, and Southeast Asia, and co-organized a panel on Southeast Asian politics to be held at the annual conference of Oxford Analytica in the UK in September 2010.

Dr. von Luebke’s plans for AY 2010-11 at Stanford include research and writing on Indonesia and the Philippines and teaching a course on Southeast Asian politics

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