Foreign Policy
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Cover of the book "Walking Out," showing a group of Asian flags, with the American flag set apart from them.

About the Book

From tariff wars to torn-up trade agreements, Michael Beeman explores America's recent and dramatic turn away from support for freer, rules-based trade to instead go its own new way. Focusing on America's trade engagements in the Asia-Pacific, he contrasts the trade policy choices made by America's leaders over several generations with those of today–decisions that are now undermining the trading system America created and triggering new tensions between America and its trading partners, allies and adversaries alike.

With keen insight as a former senior U.S. trade official, Beeman argues that America's exceptionally deep political divisions are driving its policy reversals, giving rise to a new trade policy characterized by zero-sum beliefs about the kind of trade America wants with the world and about new rules for trade that it wants for itself. With enormous implications for the future of regional and global trade, this timely analysis unravels the implications of America's seismic shift in approach for the future of the rules-based trading order and America's role in it.

Walking Out is essential reading for anyone interested in the domestic and international political economy of trade, international relations, and the future of America's role in the global economy.

See also New Book Unravels the Shift in America's Trade Policy and Its Global Consequences 
APARC website, October 1, 2024

About the Author

Michael L. Beeman is a visiting scholar at the Walter H. Shorenstein Asia-Pacific Research Center and has taught international policy as a lecturer at Stanford University. From 2017–23, he was the Assistant U.S. Trade Representative for Japan, Korea, and APEC at the Office of the U.S. Trade Representative (USTR), where he led negotiations for the U.S.-Japan Trade Agreement and for the updated U.S.-Korea Free Trade Agreement, among other initiatives. Prior to this, he served for over a decade in other positions at USTR, including as Deputy Assistant U.S. Trade Representative for Japan. He holds a DPhil in politics (University of Oxford) and an MA in international relations (Johns Hopkins University).

Desk, examination, or review copies can be requested through Stanford University Press.

"Beeman's timely volume Walking Out helps us understand how and why the US has retreated from this system. A practitioner who spent considerable time in the trenches negotiating US trade deals with several Asian partners during the first Trump and the Biden administrations, Michael Beeman brings to the topic of American trade policy the unique combination of scholarly analysis and policy-making experience. With this potent combination, he unpacks two core questions: why has the US retreated from the global free trade agenda, and what are the implications of this turn for US influence? In addition to helping the reader understand these two central issues, Beeman's scholar-practitioner experience shows itself to be invaluable in helping to demystify how rules, schedules, and side letters work in the world of trade negotiations, and why details like dispute settlement and rules of origin matter greatly."

— Joseph Chinyong Liow, Dean and Wang Gungwu Professor of East Asian Affairs, Lee Kuan Yew School of Public Policy, National University of Singapore

Read the full review article via Asian Security >

In the Media


Trump Second Term May Consider Deleting KORUS FTA Government Procurement Chapter 
The Korea Herald Business, January 24, 2025 (interview)

Trump to Push for Universal Tariffs through Legislation, Not Executive Order: Ex-USTR Official
Korea Economic Daily, November 27, 2024 (interview)

On Korea-U.S. Economic Cooperation in the Era of Walking Out
Yonhap News, November 20, 2024 (featured)

Trump Administration to "Reset Relations on the Assumption of Tariffs," Former USTR Official Says
Nikkei, November 15, 2024 (interview)
English version/ Japanese version

If Trump Is Re-elected, It Will be Impossible to Avoid Re-revision of the Korea-US FTA
JoongAng, October 31, 2024 (interview)

Can Democrats Win Back Voters from Trump on Trade Policy?
The New York Times, October 30, 2024 (quoted)

Multimedia from Book-Related Talks


US-South Korea Economic Cooperation in the Era of Walking Out
Korea Economic Institute, November 19, 2024
Watch > 

Book Talk: Walking Out
Wilson Center, October 28, 2024
Watch >

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America’s New Trade Policy in the Asia-Pacific and Beyond

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Shorenstein APARC
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On June 6, 2024, Shorenstein APARC Fellow Thomas Fingar spoke at a public forum hosted by the Center for Asia-Pacific Resilience and Innovation (CAPRI) on the nuances of intelligence analysis and their application to policymaking. Dr. Fingar is a former deputy director of national intelligence for analysis and chairman of the U.S. National Intelligence Council. He previously served as assistant secretary of the State Department’s Bureau of Intelligence and Research (INR). Under his leadership, the federal intelligence bureau gained a reputation for quality and unbiased analysis.

Held at National Chengchi University in Taipei, Taiwan, the CAPRI public forum drew government leaders, diplomats, business representatives, scholars, and students. Watch the discussion:

In his remarks, Fingar delved into the intricacies of tailoring intelligence reports to policymakers' needs. He noted that the key criterion is not absolute accuracy but the usefulness of the input.

Describing what he coined “wicked problems," he cited various scenarios exhibiting complex issues requiring long-term and multifaceted approaches to intelligence. These scenarios include the Russian-Ukraine war, polio resurgence, climate change, migration, nuclear stability, and green technology. He elaborated on the interconnectedness of these topics, and how the effects of one crisis create a ripple effect on other markets and economies.

Fingar highlighted the need to ensure that one international player does not negate the solution implemented by another in dealing with such issues. What makes problems wicked is that a single government can’t solve them, he said.

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U.S. Secretary of the Treasury Janet Yellen shakes hands with People’s Republic of China Vice Premier He Lifeng in front of U.S. and Chinese flags
Commentary

The United States Should Seek Engagement Without Provocation of China

While China's current policy prioritizes regime security over economic growth, the United States should hold open the door to a shift by Beijing back to a policy package emphasizing openness. Washington should also restore credibility to its One China Policy and lower the rhetorical temperature.
The United States Should Seek Engagement Without Provocation of China
Chris Buckley, chief China correspondent for the New York Times, winner of the 2024 Shorenstein Journalism Award.
News

New York Times’ Chief China Correspondent Chris Buckley to Receive 2024 Shorenstein Journalism Award

Presented by Stanford’s Shorenstein Asia-Pacific Research Center, the 23rd Shorenstein Journalism Award recognizes Buckley’s exemplary reporting on societal, cultural, political, foreign policy, and security issues in China and Taiwan.
New York Times’ Chief China Correspondent Chris Buckley to Receive 2024 Shorenstein Journalism Award
Conference participants gather on stage for a group photo at the Innovate Taiwan conference
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APARC Launches New Taiwan Program, Igniting Dialogue on Taiwan’s Future

The Taiwan Program at the Shorenstein Asia-Pacific Research Center will serve as a Stanford hub and catalyst for multidisciplinary research and teaching about contemporary Taiwan. The program’s inaugural conference convened industry leaders, scholars, and students to examine Taiwan’s challenges and opportunities.
APARC Launches New Taiwan Program, Igniting Dialogue on Taiwan’s Future
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Thomas Fingar speaking at the Center for Asia-Pacific Resilience and Innovation
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Shorenstein APARC Fellow Thomas Fingar delivered a talk at the Center for Asia-Pacific Resilience and Innovation on the nuances of tailoring intelligence analysis to the needs of policymakers.

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North Korea Foreign Policy Under the Three Kims

This talk will discuss the historical and contemporary foreign policy objectives and dynamics of the North Korean government.

Benjamin R. Young will examine the foreign policy shifts undertaken by North Korea under the leadership of Kim Il Sung, Kim Jong Il, and Kim Jong Un. He will explore how the Kim family regime has pivoted away from its previous emphasis on solidarity with "small countries" and the Third World, instead reasserting North Korea's focus on building stronger ties with the "big countries," particularly Russia. Young will analyze the motivations behind this strategic reorientation, the implications for North Korea's regional and global positioning, and the broader geopolitical dynamics that have shaped this foreign policy transformation under Kim Jong Un’s rule.

Yong Suk Lee will examine the key foreign policy lessons learned by North Korea over the past three decades, from the four-party talks in the late 1990s to the Hanoi Summit in 2019 and beyond. Drawing on his observations and analyses from his senior leadership position within the CIA, Lee will provide insights into the evolution of US-North Korea relations, North Korea’s engagement with China, and the dynamics of the inter-Korean relationship. By reflecting on North Korea's diplomatic maneuvers, Lee will offer a nuanced understanding of the driving forces and strategic calculations behind Pyongyang's foreign policy decision-making during this pivotal period.

Ria Roy, a Hoover Fellow at the Hoover Institution, will lead the discussion.

SPEAKERS:

portrait of Yong Suk Lee

Mr. Yong Suk Lee is the Director of Global Risk Analysis for Google’s Global Security & Resilience Services. Mr. Lee leads analytic teams based in Boulder, Dubai, London, New Delhi, New York, São Paulo, Singapore, Washington DC, and Zurich. He is currently a Visiting Scholar, Hoover Institution, Stanford University; Senior Fellow for Asia, Foreign Policy Research Institute; and a Fellow, National Security Institute, George Mason University. Before joining Google, Mr. Lee served for 22 years in various senior leadership positions with the Central Intelligence Agency as a member of the Senior Intelligence Service. His key assignments included service as the Deputy Assistant Director of CIA for the Korea Mission Center, Chief of Korea Department, and as a Briefer on the President’s Daily Briefing staff. Mr. Lee joined the CIA in 1997 as a North Korea analyst. He has a BA from the University of Colorado and an MA from Ohio University.

portrait of Benjamin Young

Benjamin R. Young is currently an assistant professor of homeland security and emergency preparedness at Virginia Commonwealth University. In August 2024, he will be a Stanton Foundation Nuclear Security Fellow at the RAND Corporation. He is the author of the book, Guns, Guerillas, and the Great Leader: North Korea and the Third World (Stanford University Press, 2021). Previously, he taught at Dakota State University and the U.S Naval War College. He has published more than a dozen peer-reviewed articles on various aspects of North Korean history, international security, and U.S-Asia relations. He was a 2018-2019 CSIS/USC NextGen US-Korea Scholar and has also written journalistic pieces for The Washington Post, The Diplomat, Nikkei Asia, The National Interest, and NKNews.org
 

portrait of Ria Roy

DISCUSSANT: Ria Roy, a Hoover Fellow at the Hoover Institution, is a specialist in the history of modern Korea and East Asia. Her doctoral dissertation, which she is currently turning into a book, examines the intellectual and cultural history of North Korea in the context of the Japanese Empire’s legacy as well as the influence of the revolutionary bloc. In particular, she explores the history and development of the leadership succession in North Korea, focusing on the role of intellectuals and their ideas in the generation of the unique North Korean model of leadership. More broadly, she is interested in the intellectual interplay between East and West and how it paved the way for a transition to an illiberal modernity. Roy received her PhD from the Faculty of Asian and Middle Eastern Studies at the University of Cambridge as a Gates Cambridge Scholar. She previously received her MA from Harvard University and her BA from Waseda University in Japan.

All media representatives interested in covering the event or accessing the event site should contact aparc-communications@stanford.edu by 5 PM Pacific Time, Monday, May 6.

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Gi-Wook Shin
Yong Suk Lee, Director of Global Risk Analysis for Google’s Global Security & Resilience Services
Benjamin R. Young, Assistant Professor of Homeland Security & Emergency Preparedness, Virginia Commonwealth University
Panel Discussions
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Gerhard Hoffstaedter

Multiple crises complicate the resettlement of refugees in Malaysia—from the irregular migration trajectories of Chin and Rohingya refugees to their efforts to settle in a new country. Although Malaysia harbors one of the largest urban refugee populations in Southeast Asia, it does not grant most refugees any status and is not a party to the UN refugee convention. Malaysian state authorities surveil, police, detain, and extort refugees on a regular basis, mistreatment exacerbated by recent COVID-19 restrictions. And yet there are spaces outside of this control in which “sociabilities of emplacement” (Çağlar and Glick-Schiller 2018) are possible, where refugees are able to create places of protection, earn a living, and, in rare cases, make meaningful homes for themselves.

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Gerhard Hoffstaedter 042424

Gerhard Hoffstaedter is an Associate Professor in anthropology at the University of Queensland, Australia. His research is focused on refugees in Southeast Asia, on immigration policies and on religion and the state. His many publications include Modern Muslim Identities: Negotiating Religion and Ethnicity in Malaysia (2011) and co-edited volumes on Urban Refugees: Challenges in Protection, Services and Policy (2015) and Why Human Security Matters: Rethinking Australian Foreign Policy (2012). He also directs “The Anthropology of Current World Issues,” a Massive Open Online Course that has taught thousands of students how to think more anthropologically.

Gerhard Hoffstaedter, 2023-2024 Lee Kong Chian NUS-Stanford Fellow on Contemporary Southeast Asia
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David M. Lampton
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Note: this piece builds on a previous article by the authors, published by The Washington Quarterly.


No foreign policy challenge is more important, or difficult, than finding a way to simultaneously deter and engage China without provoking unwanted behaviors. Achieving this requires understanding the perceptions and priorities shaping Beijing’s actions.  

Despite China’s worsening economic problems and waning international trust, the March 2024 session of the National People’s Congress has reaffirmed Beijing’s determination to stick with policies fuelling domestic discontent and alienating foreign partners. The reasons are structural, not simply strong-man egoism. Policies in China are tightly interconnected, reflecting hard-to-change perceptions reinforced by bureaucratic and personal interests. Changing one facet requires changing the entire policy package. For now, that package prioritizes domestic stability and security over economic growth.

Beijing has fallen into an old mindset that sacrifices growth to reduce vulnerability to external and internal threats that leaders believe endanger the regime and China’s future. This is not good for China, the United States, or the world. Washington cannot achieve immediate or fundamental changes in China’s behavior but ill-considered actions can make things worse. The best we currently can achieve is wary coexistence, careful management to reduce dangers, and keeping the way open for a better day.

Read the rest of the essay online at the East Asia Forum.

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US-China meeting at the Filoli estate prior to APEC 2023 in San Francisco
News

Stopping the Spiral: Threat Perception and Interdependent Policy Behavior in U.S.-China Relations

A new article for The Washington Quarterly, co-authored by Thomas Fingar and David M. Lampton, investigates the drivers of Chinese policy behavior, assesses the role of U.S. policy in shaping it, and suggests steps to reduce the heightened tensions between the two superpowers.
Stopping the Spiral: Threat Perception and Interdependent Policy Behavior in U.S.-China Relations
U.S. Seaman Xi Chan stands lookout on the flight deck as the Arleigh Burke-class guided-missile destroyer USS Barry (DDG 52) transits the Taiwan Strait during routine underway operations.
Commentary

This Is What America Is Getting Wrong About China and Taiwan

For a half-century, America has avoided war with China over Taiwan largely through a delicate balance of deterrence and reassurance.
This Is What America Is Getting Wrong About China and Taiwan
A pair of Kawasaki P-3, part of Japan's Maritime Self-Defense Force
Commentary

The Cost of the "Taiwan Contingency" and Japan's Preparedness

The ultimate choice that must be made.
The Cost of the "Taiwan Contingency" and Japan's Preparedness
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U.S. Secretary of the Treasury Janet Yellen shakes hands with People’s Republic of China Vice Premier He Lifeng in front of U.S. and Chinese flags
U.S. Secretary of the Treasury Janet Yellen (R) greets People’s Republic of China (PRC) Vice Premier He Lifeng at the start of a bilateral meeting at the Ritz Carlton Hotel on November 09, 2023 in San Francisco, California. | Photo by Justin Sullivan/Getty Images
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While China's current policy prioritizes regime security over economic growth, the United States should hold open the door to a shift by Beijing back to a policy package emphasizing openness. Washington should also restore credibility to its One China Policy and lower the rhetorical temperature.

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Flyer for Reimagining the Family

Could technological innovation offer a solution for LGBTQ+ couples in a society where they have no access to legal union? In this special event on Social Tech – innovations with social impact – Koki Uchiyama, a serial entrepreneur, discusses his new venture that leverages blockchain to offer a venue for recognition in Japan, where legislative changes for same-sex union do not seem forthcoming. Following his presentation, Tricia Wang, a tech ethnographer who specializes in infusing human insights into big data and designing equity into systems, will have a dialogue about the promises and challenges of his social innovation.

9:30-10 a.m.
Walk-in (coffee & light refreshments served)

10-10:10 a.m.
Introduction welcome remarks

10:10-11:30 a.m.
Presentation by Koki Uchiyama, followed by a discussion with Tricia Wang and Q&A session

11:30 a.m.-1 p.m.
Lunch buffet & networking

Speakers:

Headshot for Koki Uchiyama

Koki Uchiyama is Founder and CEO of Hotto Link Inc. He founded Hotto Link in 2000 and led it to have the first IPO among all the other social media analytics/listening players in the world. He and his team have been exploring the possibility of utilizing social Big Data and AI specifically to support brands in creating and conducting marketing strategies driven by data and evidence for almost 20 years. He is a pioneer of data-driven marketing.
Uchiyama also has a strong passion for social activities. One of his major activities is leading the "Famiee Project" which aims to help society accept diverse forms of family, including LGBTQ couples. He founded this non-profit organization which (1) issues partnership certificates for LGBTQ+ couples based on blockchain technology and (2) organizes the network of big corporations that provide the benefits or services not only for legally married couples but also for families of LGBTQ+ couples with the certificates. As a representative director of Famiee, he was selected by Forbes JAPAN for their "NEXT 100" list which focuses on influential people who hope to save the world.

Headshot for Tricia Wang

Tricia Wang, a social scientist, consultant, and thought leader, is on a relentless quest to ensure technology serves humanity, fostering social impact at the intersection of data and humanity. Renowned for helping companies unearth pivotal customer behavior insights to unlock growth, Tricia co-founded Sudden Compass and has advised industry giants like Google, Spotify, and P&G. Her insights have been featured in publications like Quartz, New Yorker, Buzzfeed, Techcrunch, The Atlantic, Al Jazeera, Slate, Wired, The Guardian, and Fast Company. In a world where data is the cornerstone of innovation, Tricia has long recognized its potential, well before the recent rush of consumer-facing AI products. Tricia's unique fusion of ethnography and data science offers an invaluable perspective on technology, design, and human experience. She has been instrumental in launching tech labs with clients, including a recent collaboration with The World Economic Forum in founding the Crypto Research and Design Lab (CRADL). As an acclaimed speaker, Tricia's enlightening keynotes and her TED Talk delve into AI, data, and their societal, economic, and personal impacts. Her concept of "thick data" advocates for deep human understanding in AI and emerging technologies, transcending conventional data analysis. Her ethnographic fieldwork spans from China to South America and North America, offering unique insights into the adoption of social media under authoritarian regimes and advocating for consumer-centric approaches in the private sector. 

 

 

Koki Uchiyama Representative Director Famiee
Tricia Wang Co-Founder Sudden Compass and The Crypto Research and Design Lab
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Flyer for Reimagining the Family

Taiwan’s January presidential election is an important milestone in an evolving geopolitical shift in East Asia characterized by a growing Chinese regional military advantage, increased Chinese military and economic coercion vis-à-vis Taiwan and other neighbors, and simmering confrontation between China and the United States who see each other as primary strategic competitors. U.S. strategy leans heavily on allies in East Asia, particularly Japan, through initiatives that aim to bolster allied military cooperation and coordinate economic security policies related to supply chains, export controls, and other measures that are important to a vibrant and international technology hub like Silicon Valley.

What are the key dynamics at play in this regional competition over power, influence, and Taiwan’s future? How should we assess efforts to adapt the U.S.-Japan security and technology alliance to meet these challenges, and what might be China’s response? What should we look for in 2024 given the Taiwan election results and political uncertainty in the United States and Japan? Our panel will feature experts on these issues to provide their views and engage in discussion with the audience.

This in-person event is co-sponsored by Sasakawa Peace Foundation USA.
Lunch will be provided.

Speakers:

Portrait of Hesham Sallam

Larry Diamond is the Mosbacher Senior Fellow in Global Democracy at the Freeman Spogli Institute for International Studies and the William L. Clayton Senior Fellow at the Hoover Institution. He is also the founding coeditor of the Journal of Democracy and serves as senior consultant (and previously was co-director) at the International Forum for Democratic Studies of the National Endowment for Democracy. During 2002-3, he served as a consultant to the U.S. Agency for International Development (USAID) and was a contributing author of its report Foreign Aid in the National Interest. He has also advised and lectured to the World Bank, the United Nations, the State Department, and other governmental and nongovernmental agencies dealing with governance and development.

At Stanford University, Diamond is a professor by courtesy of political science and sociology at Stanford University, where he teaches courses on comparative democratic development and post-conflict democracy building, and advises many Stanford students.

Headshot photo of Matake Kamiya

Matake Kamiya is currently a professor of international relations at the National Defense Academy of Japan (Japan’s primary military academy). He is also vice president at the Japan Forum on International Relations, an adjunct research fellow at the Japan Institute of International Affairs, a member of the research committee of the Research Institute for Peace and Security, and president of the Japan Association for International Security.

His current research interests include the US-Japan security relations, the future of the liberal international order, Japanese foreign and security policies, the Indo-Pacific security, and nuclear issues including Japan's(non-)nuclear policy. He has been serving as the leader of the Japan-US joint research project on “China Risk and China Opportunity” since 2017. 

Square headshot photo of Oriana Skylar Mastro

Oriana Skylar Mastro is a Center Fellow at the Freeman Spogli Institute for International Studies and Courtesy Assistant Professor of Political Science at Stanford University where her research focuses on Chinese military and security policy, Asia-Pacific security issues, war termination, and coercive diplomacy. She was previously an assistant professor of security studies at Georgetown University. Mastro continues to serve in the United States Air Force Reserve as a strategic planner at Indo-Pacific Command. For her contributions to U.S. strategy in Asia, she won the Individual Reservist of the Year Award in 2016 (CGO) and 2022 (FGO).

Headshot photo of Jim Schoff

Jim Schoff is senior director of the “US-Japan NEXT Alliance Initiative” at Sasakawa Peace Foundation USA (based in Washington, DC) that mixes bilateral dialogue, research, and public-private engagement to help prepare the alliance for new challenges in an increasingly complex and fluid geostrategic environment. Previously, Schoff was a senior fellow and director of the Japan Program at the Carnegie Endowment for International Peace for nine years, following two years as senior adviser for East Asia policy at the US Office of the Secretary of Defense. Schoff’s career spans thirty-five years working in the fields of business, education, government, and the non-profit sector, all related to Japan, East Asia, and the US-Japan alliance. 

Moderator:

Kiyoteru Tsutsui

Kiyoteru Tsutsui is the Henri H. and Tomoye Takahashi Professor and Senior Fellow in Japanese Studies at Shorenstein APARC, the Director of the Japan Program and Deputy Director at APARC, a senior fellow of the Freeman Spogli Institute for International Studies, and Professor of Sociology, all at Stanford University. Tsutsui received his bachelor’s and master’s degrees from Kyoto University and earned an additional master’s degree and Ph.D. from Stanford’s sociology department in 2002.

Tsutsui’s research interests lie in political/comparative sociology, social movements, globalization, human rights, and Japanese society. His most recent publication, Human Rights and the State: The Power of Ideas and the Realities of International Politics (Iwanami Shinsho, 2022), was awarded the 2022 Ishibashi Tanzan Award and the 44th Suntory Prize for Arts and Sciences.

Kiyoteru Tsutsui
Kiyoteru Tsutsui
Larry Diamond Senior Fellow Center on Democracy, Development, and the Rule of Law, Stanford
Matake Kamiya Professor of International Relations, adjunct research fellow Japan Institute of International Affairs
Oriana Skylar Mastro Center Fellow Walter H. Shorenstein Asia-Pacific Research Center
Jim Schoff Senior Director Sasakawa Peace Foundation USA
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Visiting Scholar at APARC, 2023-2024
China Policy Fellow, 2023-2024
Tsinghua University
Da_Wei.jpg Ph.D.

Wei Da joined the Walter H. Shorenstein Asia-Pacific Research Center (APARC) as Visiting Scholar, China Policy Fellow for the winter quarter of 2024. He currently serves at Tsinghua University as Professor in the Department of International Studies, as well as Director of the Center for International Security and Strategy. While at APARC, he conducted research with the China Program and Professor Jean Oi regarding contemporary China affairs and U.S.-China policy.

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Shorenstein APARC's annual report for the academic year 2022-23 is now available.

Learn about the research, publications, and events produced by the Center and its programs over the last academic year. Read the feature sections, which look at Shorenstein APARC's 40th-anniversary celebration and its conference series examining the shape of Asia in 2030; learn about the research our postdoctoral fellows engaged in; and catch up on the Center's policy work, education initiatives, publications, and policy outreach. Download your copy or read below:

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Banner image for October 12, 2023 APARC event Political Economy of the Financial Crisis in Japan and the U.S. featuring headshot of speaker Hirofumi Takinami

 

This spring, we saw the collapses of Silicon Valley Bank, Credit Suisse, etc., and now we are observing collapses of Chinese real estate giants: Evergrande, and Country Garden. Would be there another financial crisis? 
Now, it is highly worthy to review the ‘lessons' of historically recent financial crises with significant seriousness, which happened in the two largest economies, the United States and Japan.

During the 1990s-2000s, Japan and the United States each experienced the same type of financial crisis, notably triggered by the collapse of major financial institutions, stemming from the real estate bubble burst. Namely, the Heisei Financial Crisis and the Lehman Brothers Collapse.

Both were under the political-economic conditions of one of the largest economies in the world, as well as of an advanced democracy. Enormous shock happened politically, economically, and historically, due to these two financial crises.

Then, as the research question, what were the ‘lessons’ of the United States and Japan's financial crises, concerning crisis response through public money injection, from the viewpoint of political economy? Where is the ‘learning’ between Japan and the United States?
Also, as the related research ‘puzzle’, why the difference in speed between these countries to respond and recover?

Based on his Ph.D. thesis, Senator Takinami, an alumnus of Stanford APARC, will elaborate on these issues by covering up and amending Hoshi & Kashyap(2010), thus establishing ‘7 lessons’ throughout the Japan and the United States financial crises on government bailout from the political economy viewpoint.

 

Speaker

Square photo portrait of Hirofumi Takinami

Hirofumi Takinami (Ph.D.) is an Upper House Member of the Japanese Parliament, corresponding to a Senator in the U.S. He is a former Vice-Minister of Economy, Trade, and Industry, and also a former Vising Scholar, APARC, Stanford University. 

Dr. Takinami covers a wide range of policies, including not only energy, environment, and finance, but also innovation, infrastructure, welfare for the disabled, etc. He has been the Director of the Fisheries Division of LDP (Liberal Democratic Party) from last year.

Before starting his political career 10 years ago, he was a Director of the Ministry of Finance. During his about 20 years of service as a Japanese government official, he held management positions including Public Relations Director, and Deputy Budget Examiner at the Ministry of Finance. He also worked internationally, in charge of the Asia-Pacific Economic Cooperation (APEC) and the Asia Europe Meeting (ASEM) etc. 

He graduated from the University of Tokyo in 1994, earning a Bachelor of Law. He received a Master of Public Policy (MPP) from the University of Chicago in 1998. While in office as an upper house member, he obtained a Ph.D. in 2021 from Waseda University for the study on financial crises, which he started when he held research positions at Stanford University as a Visiting Fellow in 2009-2011 and as a Visiting Scholar in 2016. 

Hirofumi Takinami Upper House Member of Japanese Parliament, Ph.D. , Former Vising Scholar, APARC, Stanford University Upper House Member of Japanese Parliament
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