Center on Japanese Economy and Business/Columbia University
1987
234 pp.
Good papers and discussion from a June 1986 conference focusing on financial markets, exchange rates and macroeconomic policies as they affect Japanese-American relations.
American optimism about East Asia, in precious short supply only a few years earlier, was abundantly available in 1980. "The arc from Korea through Taiwan and the Philippines, at the very center of great power rivalry for much of this century, is less subject to these strains today than at any time in well over forty years," Assistant Secretary of State Richard Holbrooke declared in June. Such pronouncements by U.S. policymakers were understandable: East Asia offered far more possibilities--for diplomatic overtures, for expanding trade--than anyone dared predict during the Vietnam era. But in 1980 enough warning signals were flashing throughout the region to suggest the need for a more balanced--and less buoyant--assessment.
In the tangled international tapestry certain relationships dominate the pattern. The U.S.-Soviet struggle has colored almost all world politics for a generation. Franco-German entente has ended centuries of European warfare. One relationship which holds much potential for improving world conditions is that between Japan and the United States. This bilateral relationship, conducted within a dense multilateral web in which each nation has many other ties based on interest and sentiment, is now, and will be increasingly, central to any proper functioning of the world economy and polity.
Since the end of World War II, there have been three watersheds in Sino-Soviet relations. In February 1950, the Soviet Union and the People's Republic of China formed an alliance against the West. In the late 1950s, there was the beginning of the historic split between them that transformed international politics. Then, in the early 1970s, there began the Sino-American rapprochement that, by the end of the decade, completely altered the strategic landscape and led to an incipient Chinese-American alliance against the Soviet Union.
Sign-up for free weekly updates from ForeignAffairs.com.