The U.S. financial crisis has spread around the globe. Financial globalization means that most countries and regions are not immune to the contagious effects of a financial crisis that originates in one country.

East Asian countries had already experienced the contagious effects of a financial crisis in 1997. That year, a financial crisis that broke out in Thailand and Indonesia reached Malaysia and then South Korea. Each of these countries reacted differently to the crisis. South Korea, Indonesia, and Thailand accepted International Monetary Fund (IMF) conditionalities that required neoliberal economic restructuring in return for emergency loans, while Malaysia rejected the IMF offer and instead encouraged the inflow of speculative financial capital, while reforming the banking and financial system. In the aftermath of the East Asian financial crisis, regional economic, financial and security cooperation were discussed among East Asian countries. These efforts resulted in the Chiang Mai Initiative, the Bond Initiative, the East Asian Summit, the Shanghai Cooperation Organization, and the Six Party Talks.

Thus, regionalism in East Asia was revived in response to external shocks, such as global financial volatility, endogenous opportunities such as East Asian market compatibility (Pempel, 2008), endogenous security threats such as the North Korean nuclear development, and exogenous opportunities such as "bringing in the U.S." (Pempel, 2008).

Nonetheless, East Asian regionalism is still at a low level of institutionalization compared to Europe. East Asian regionalism is still basically "bottom-up, corporate (market)-driven regionalism" (Pempel, 2005). 

I will discuss the obstacles and the opportunities that Northeast Asian countries are facing since the end of the Cold War and the advent of globalization.

Hyug Baeg Im is Professor at the Department of Political Science and International Relations, Korea University, Seoul, South Korea. He is Dean at the Graduate School of Policy Studies and Director at Institute for Peace Studies. He received B.A. in political science from Seoul National University, M.A. and Ph.D. in political science from the University of Chicago. He was visiting professor at Georgetown University (1995-1996), Duke University (1997), Stanford University (2002-2003) and visiting fellow at International Forum for Democratic Studies, National Endowment for Democracy, Washington DC (1995-1996). He served as a presidential adviser of both Kim Dae Jung and Roh Moo Hyun presidency. His current research focuses on the impact of IT revolution and globalization on Korean democracy. His publications include “The Rise of Bureaucratic Authoritarianism in South Korea,” World Politics, Vol. 34, No. 2 (1987), “South Korean Democratic Consolidation in Comparative Perspective” in Consolidating Democracy in South Korea (Lynne Rienner, 2000) and “’Crony Capitalism’ in South Korea, Thailand, and Taiwan: Myth and Reality,” (co-authored with Kim, Byung Kook) Journal of East Asian Studies, Vol. 1, No. 1 (2001), “Faltering Democratic Consolidation in South Korea: Democracy at the End of Three Kims Era” Democratization, Vol. 11, No. 5(2004), “Christian Churches and Democratization in South Korea” in Tun-jen Cheng and Deborah A. Brown (eds.), Religious Organizations and Democratization: Comparative Case Studies in Contemporary Asia (M.E. Sharpe, 2006) and “The US Role in Korean Democracy and Security since Cold War Era,” International Relations of the Asia Pacific, Vol. 6, No.2 (2006).

Gabrielle Hecht is Associate Professor of History at the University of Michigan.  Her first book, The Radiance of France:  Nuclear Power and National Identity after World War II (MIT 1998), won awards from the American Historical Association and the Society for the History of Technology.  The French translation appeared with La Découverte in 2004, and MIT will publish a new English-language edition in 2009.  Her current project, entitled Uranium from Africa and the Power of Nuclear Things, draws on archival and field work conducted in Africa, Europe, and North America.  Focusing especially on Gabon, Madagascar, South Africa, Namibia, and Niger, this project examines uranium mining in these places and the flow of uranium from these places. It argues that the view from Africa transforms our understanding of the "nuclear" as a political, technological, and occupational category, as well as our perspective on the transnational power of nuclear things. 

Alexander Montgomery, a visiting assistant professor in 2008-09, was a postdoctoral fellow at CISAC in 2005-2006 and is an assistant professor of political science at Reed College. He has published articles on dismantling proliferation networks and on the effects of social networks of international organizations on interstate conflict. His research interests include political organizations, social networks, weapons of mass disruption and destruction, social studies of technology, and interstate social relations. His current book project is on post-Cold War U.S. counterproliferation policy, evaluating the efficacy of policies towards North Korea, Iran, and proliferation networks.

He has been a joint International Security Program/Managing the Atom Project Research Fellow at the Belfer Center for Science and International Affairs in the Kennedy School of Government at Harvard University. He has also worked as a research associate in high energy physics on the BaBar experiment at Lawrence Berkeley National Laboratory and as a graduate research assistant at the Center for International Security Affairs at Los Alamos National Laboratory. He has a BA in physics from the University of Chicago, an MA in energy and resources from the University of California, Berkeley, and an MA in sociology and a PhD in political science from Stanford University.