The pace of policy reform is important in new democracies, where the status quo policies, established by non-democratic regimes, may be far from the preferences of popular majorities. Slowing policy reform slows down governmental implementation of democratic policy mandates. This, in turn, may offset (at least partly) the positive effects of broader participation and greater accountability.

Whether the net impact of procedural reform is to accelerate or to slow policy reform depends on the particular procedures involved, and the political context. In this paper, the authors consider a procedure that, on the surface, appears likely to accelerate reform, thereby promoting change in the policy status quo. This is a sunset rule.

This paper focuses on the sunset rule adopted in South Korea, at the end of the Kim Young Sam administration. Kim's support for the sunset rule at the end of his term is puzzling. Why would a lame duck president support a rule that would seem to limit the life of the regulations passed in his own term?

Jeeyang Rhee Baum, is Assistant Professor of Political Science at the University of California, San Diego. She earned her Ph.D. in political science at the University of California, Los Angeles. Her research interests include comparative political institutions, administrative law, and bureaucracies with a particular emphasis on East Asia. Her most recent publications include: "Presidents Have Problems Too: The Logic of Intra-branch Delegation in East Asian Democracies", British Journal of Political Science (forthcoming) and "Breaking Authoritarian Bonds: The Political Origins of the Taiwan Administrative Procedure Act", Journal of East Asian Studies.

Congressman Weldon represents the Seventh Congressional District of Pennsylvania. He is in his tenth term and is the most senior Republican in the Pennsylvania delegation. He is a senior member of the House Armed Services Committee and a leading House supporter of a national missile defense program. The Congressman has worked to strengthen the dialogue between the US and North Korea for the past three years. He has worked closely with Ambassador Han of North Korea as well as former Secretary Powell and Ambassador Pritchard to urge both sides to continue their participation in the six-party talks.

General Cha achieved the rank of Lieutenant General in the Army of the Republic of Korea. He has had a distinguished career, serving both in the public and the private sector, including as policy advisor to the Ministry of Unification, director general of the Policy Planning Bureau and deputy minster for Policy, and as an assistant professor in international relations. He has a B.A. in political science from Seoul National University, a B.S. in mechanical engineering from the Korea Military Academy, and a Ph.D. in political science from the University of Paris. He is the author of several books and articles on Korean security issues, published in both Korean and English.

Since the 1980s, simultaneous trends in Taiwan toward globalization and localization have contributed to people's construction of a past promoting local solidarity. Such rewriting of Taiwanese consciousness has relied heavily on a "rediscovery" of cultural traditions corresponding to Pingpu identity. (Pingpu identity is debated as an indigenous or a mestizo identity and used to claim that Taiwan is not Chinese.) Professor Pans examination of the development of Pingpu identity over the past ten years focuses on the 1996 event "We are All Pingpu" and uses both ethnographic and historical materials to analyze the role of Pingpu identity in rewriting Taiwanese conscious-ness.

Dr. Pan's research addresses the following questions: Who are the Pingpu? Why do some Taiwanese choose to be identified as Pingu while others do not? What is the significance of Pingpu identity for present-day Taiwanese consciousness? How has Pingpu identity been constructed? How and why do people rewrite the past when an identity is being created?

This is the final seminar in the Taiwan Seminar Series hosted by Shorenstein APARC.

Among the different types of capital resources, venture capital as practiced in Silicon Valley is broadly acknowledged as being an important constituent of a high technology, entrepreneurial habitat. In the past two decades, policy makers from different regions have learned much from its experience.

The IT industry attributes its success partly to venture capital investments in early, risky, stages. Looking ahead, other industries will emerge in the knowledge economy. Within Taiwan and Mainland China, information related industries still dominate investment, yet in Silicon Valley emerging industries including biotechnology, medical instruments and nanotechnology have recently been attracting as much venture capital as the IT industry.

Today, venture capitalists from Silicon Valley and Taiwan are probing what they perceive as growing investment opportunities in Mainland China, On the other hand, the immaturity of its private equity market and the undeveloped state of exit mechanisms there is causing venture capitalists to hesitate to made large investments. Currently, Taiwan's venture capital faces low price-earnings ratios in its 1,400 publicly listed companies. This has contributed to a decline in VC investment. The Taiwan government expects to further liberalize the financing environment to bolster it as a regional center for domestic and international corporations.

This conference will address the influence of the system of capital on regional innovation and entrepreneurship in the United States, Taiwan, and Mainland China. The focus will be on the venture capital industry, corporate venturing and other institutions of capital related to regional industrial development.

Here are some questions to be addressed in this conference:

• What is the pattern of venture capital investing in high-tech start-ups in the Greater China Area?
• What are the trends in this industry?
• How, specifically, does venture capital promote innovation and entrepreneurship?
• What are the similarities among independent venture capital funds, corporate venture funds, angel funds, and commercial bank involvements?

Conference Organization

Conference Chairman

• Dr. Chintay Shih, Dean of College of Technology Management, National Tsing Hua University, and Special Advisor, Industrial Technology Research Institute

Co-chairmen

• Dr. Paul Wang, Chairman, Taiwan Venture Capital Association
• Dr. Henry Rowen, Co-director, SPRIE
• Dr. William Miller, Co-director, SPRIE

Executive Director

• Dr. Sean Wang, Director General of Industrial Economics and Knowledge Center in Industrial Technology Research Institute

Conference Secretariat

• Industrial Economics and Knowledge Center, Industrial Technology Research Institute (IEK/ITRI)

Conference Organizing Secretariat

• ITRI: Yi-Ling Wei, Peter Lai, Frank Lin, Shu-Chen Huang
• TVCA: Teresa Yang, Michael Chen, Riva Su
• SPRIE: Marguerite Gong Hancock (Stanford)/Martin Kenney (UC Davis)