The Japanese economy has been stagnating for almost two decades. During this event, Takeo Hoshi will describe the findings of a report that he co-authored with Anil Kashyap of the Booth School of Business at the University of Chicago, the National Bureau of Economic Research (NBER), and the Federal Reserve Bank of Chicago. In the report, Hoshi and Kashyap utilized the neoclassical growth model in order to try to explain the causes of this stagnation and to identify policy choices that might help restore growth. Their focus was intentionally on longer-term issues, rather than the immediate challenges that are associated with the fallout from the global recession.

Looking at financial globalization and the collapse of the fixed exchange rate regime they found that by the end of the 1970s Japan could not rely on an undervalued currency to boost its exports. It had to rearrange its production system and other economic institutions to cope with globalization to reduce its reliance on external demand.

Japan's population structure was shifting and becoming increasingly elderly. Aging meant slower growth of the labor force. Declining fertility combined with aging eventually reduced the domestic saving that supported economic expansion during the rapid economic growth period.

Finally, monetary and fiscal policy performed poorly. The Bank of Japan consistently undershot its inflation objective. The government pursued massive fiscal stimulus during the 1990s and 2000s, so much so that Japan went from having the best debt position amongst advanced economies to the worst.

Hoshi is a Pacific Economic Cooperation Professor in international economic relations at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He is also a research associate at the Tokyo Center for Economic Research, and is on the board of directors for Union Bank. His major research area is the study of the financial aspects of the Japanese economy, especially corporate finance and governance.

He is a recipient of the 2011 Reischauer International Education award, the 2006 Enjoji Jiro Memorial Prize, and the 2005 JEA-Nakahara Prize. Among his many publications is Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), which received the Nikkei Award for the Best Economics Books in 2002.

Except for specialists working on the period, the Korean Empire's (1897–1910) project to develop Pyongyang as the "Western Capital" (Sŏgyŏng) is not all that well known even among Korea historians. From the perspective of international relations, there can be no doubt that the Russo-Japanese War sealed independent Korea’s fate. All the same, in the last two decades or so, Korea’s own effort toward modernization has received more attention among historians who no longer dismiss the history of the Korean Empire as the tail end of the Chosŏn Dynasty. For sure, the official rhetoric that empires old and new have had two capitals conceals imperial Korea’s self-perceptions about its place in the civilized world of the past, the present, and the future. Moreover, scrutiny of the circumstances in which the government undertook the project before it came to a halt allows insight into the Korean Empire’s understanding of geopolitical realities at the time.

Eugene Y. Park is the Korea Foundation Associate Professor in History in the School of Arts and Sciences at the University of Pennsylvania. He is also the director of Penn's Korean Studies Program. Dr. Park completed his doctorate in East Asian languages and civilizations at Harvard in 1999 and has received numerous research grants and fellowships, including: a 2007–08 Seoul National University Kyujanggak Institute for Korean Studies Fellowship; a 2003–04 Korea Foundation Advanced Research Grant; a 1999–2000 Yale University Council on East Asian Studies Postdoctoral Fellowship; a 1996–97 Foreign Language and Area Studies Fellowship; and a 1995–96 Fulbright Fellowship. His research interests focus on the sociopolitical history of early modern Korea, and his current work examines the chungin ("middle people") to address questions of modernity, identities, and agency. His book, Between Dreams and Reality: The Military Examination in Late Chosŏn Korea, 1600–1894, was published by the Harvard University Asia Center in 2007. He has published chapters and articles in venues such as Journal of Social History and Yŏksa wa hyŏnsil.

As a sociologist who works on the conjunction and conflicts between political, economic and cultural-cognitive networks, Eiko Ikegami has been conducting research on long-term social processes that underlie and perpetuate modern Japanese social
relations with a number of different topics. It is from this long-term view point, that Ikegami offers a distinctive angle to articulate the grave difficulties that contemporary Japanese capitalism is facing. She expresses the social significance of the current radical transformation of Japanese capitalism as a historic turning point in redirecting institutions of Japanese trust and justification. For example, she investigates developments in popular consciousness of egalitarian views that clung to the myth that "we all are in the middle strata" and of distinctive gender roles closely linked to the particular style of Japanese capitalism. Ikegami considers these institutional transformations not only as a postwar product, but in a critical way as the result of path dependent developments of institutionalization and deinstitutionalization for more than a century. Using keywords such as uncertainty, networks, trust, and justification, her talk will present a bold synthesis that outlines the long-term process of institutionalization that produces mutually connected socio-cultural-cognitive systems in which the distinctive Japanese style of capitalism has been embedded.

Born and raised in Japan, Eiko Ikegami was a journalist for the Japan Economic Journal (Nikkei or Nihonkeizai Shinbun) before she moved to the US. Ikegami is currently Professor and Chair of the Sociology Department at the New School for Social Research in New York. Ikegami's book, The Taming of the Samurai: Honorific Individualism and the Making of Modern Japan (Harvard University Press, 1995), has been translated into Spanish, Korean, and Japanese, and is widely considered the definitive statement on the subject. Bonds of Civility: Aesthetic Networks and the Political Origins of Japanese Culture (Cambridge University Press, 2005), won five book awards in various fields including the Distinguished Contribution Book award in Political Sociology from the American Sociological Association, and the John Hall Book Prize from the Association for Asian Studies, which cited the work as "the most important book on Japan to have appeared in recent years." In 2003, Ikegami was elected Chair of the Comparative and Historical Sociology Section of the ASA.

Her core research interest has been related to the question: How did a non-Western society such as Japan achieve its own version of modernity without traveling the route taken by Western countries? More recently, Ikegami has been working on three distinct areas of research: a project on trust and uncertainty in Japanese capitalism; the completion of a book project on the Gion Festival, Community, Gender, and Shrine in Kyoto; and, funded by the National Science Foundation, Ikegami currently leads a team of one dozen graduate students in conducting ethnographic research of online communities using 3-D virtual worlds in Japan and in the U.S. Ikegami’s theoretical interests uniquely combine culture and network concepts with the literature of civil society, which has prompted an initiative in the form of a series of workshops in Paris (Sciences Po) and New York, to study the trajectories of civil societies in non-western settings.