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(excerpt) The last time a global depression originated in the United States, the impact was devastating not only for the world economy but for world politics as well. The Great Depression set the stage for a shift away from strict monetarism and laissez-faire policies toward Keynesian demand management. More important, for many it delegitimized the capitalist system itself, paving the way for the rise of radical and antiliberal movements around the world.

This time around, there has been no violent rejection of capitalism, even in the developing world. In early 2009, at the height of the global financial panic, China and Russia, two formerly noncapitalist states, made it clear to their domestic and foreign investors that they had no intention of abandoning the capitalist model. No leader of a major developing country has backed away from his or her commitment to free trade or the global capitalist system. Instead, the established Western democracies are the ones that have highlighted the risks of relying too much on market-led globalization and called for greater regulation of global finance.

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Francis Fukuyama
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A team of researchers from Stanford University, the Carnegie Institution for Science, and Arizona State University has found that converting large swaths of land to bioenergy crops could have a wide range of effects on regional climate.

In an effort to help wean itself off fossil fuels, the U.S. has mandated significant increases in renewable fuels, with more than one-third of the domestic corn harvest to be used for conversion to ethanol by 2018. But concerns about effects of corn ethanol on food prices and deforestation had led to research suggesting that ethanol be derived from perennial crops, like the giant grasses Miscanthus and switchgrass. Nearly all of this research, though, has focused on the effects of ethanol on carbon dioxide emissions, which drive global warming.

"Almost all of the work performed to date has focused on the carbon effects," said Matei Georgescu, a climate modeler working in ASU's Center for Environmental Fluid Dynamics. "We've tried to expand our perspective to look at a more complete picture.  What we've shown is that it's not all about greenhouse gases, and that modifying the landscape can be just as important."

Georgescu and his colleagues report their findings in the current issue (Feb. 28, 2011) of the Proceedings of the National Academy of Sciences (see Direct Climate Effects of Perennial Bioenergy Crops in the United States). Co-authors are David Lobell of Stanford University's Program on Food Security and the Environment and Christopher B. Field of the Carnegie Institution for Science, also located in Stanford, California.

In their study, the researchers simulated an entire growing season with a state-of-the-art regional climate model. They ran two sets of experiments - one with an annual crop representation over the central U.S. and one with an extended growing season to represent perennial grasses. In the model, the perennial plants pumped more water from the soil to the atmosphere, leading to large local cooling. 

"We've shown that planting perennial bioenergy crops can lower surface temperatures by about a degree Celsius locally, averaged over the entire growing season. That's a pretty big effect, enough to dominate any effects of carbon savings on the regional climate." said Lobell.

The primary physical process at work is based on greater evapotranspiration (combination of evaporated water from the soil surface and plant canopy and transpired water from within the soil) for perennial crops compared to annual crops. 

"More study is needed to understand the long-term implication for regional water balance." Georgescu said. "This study focused on temperature, but the more general point is that simply assessing the impacts on carbon and greenhouse gases overlooks important features that we cannot ignore if we want a bioenergy path that is sustainable over the long haul."

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Please join the Center on Democracy, Development, and the Rule of Law as we celebrate the publication of Francis Fukuyama's latest book, The Origins of Political Order: From Prehuman Times to the French Revolution, which will be released in April by Farrar, Straus and Giroux. This first of a major two-volume work provides a sweeping account of how today's basic political institutions developed. Professor's Morris and Weingast will provide commentary and reflections on the book to engage in a substantive conversation about the important insights that Fukuyama highlights tracing the evolution of human history through the 18th century.  

Book signing and reception to follow.

Francis Fukuyama is the Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), resident in FSI's Center on Democracy, Development, and the Rule of Law, effective July 2010.  He comes to Stanford from the Paul H. Nitze School of Advanced International Studies (SAIS) of Johns Hopkins University, where he was the Bernard L. Schwartz Professor of International Political Economy and director of SAIS' International Development program.

Dr. Fukuyama has written widely on issues relating to questions concerning democratization and international political economy.  His book, The End of History and the Last Man, was published by Free Press in 1992 and has appeared in over twenty foreign editions. His most recent books are America at the Crossroads: Democracy, Power, and the Neoconservative Legacy, and Falling Behind: Explaining the Development Gap between Latin America and the United States.

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Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies
Director of the Ford Dorsey Master's in International Policy
Research Affiliate at The Europe Center
Professor by Courtesy, Department of Political Science
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Francis Fukuyama is the Olivier Nomellini Senior Fellow at Stanford University's Freeman Spogli Institute for International Studies (FSI), and a faculty member of FSI's Center on Democracy, Development and the Rule of Law (CDDRL). He is also Director of Stanford's Ford Dorsey Master's in International Policy, and a professor (by courtesy) of Political Science.

Dr. Fukuyama has written widely on issues in development and international politics. His 1992 book, The End of History and the Last Man, has appeared in over twenty foreign editions. His book In the Realm of the Last Man: A Memoir will be published in fall 2026.

Francis Fukuyama received his B.A. from Cornell University in classics, and his Ph.D. from Harvard in Political Science. He was a member of the Political Science Department of the RAND Corporation, and of the Policy Planning Staff of the US Department of State. From 1996-2000 he was Omer L. and Nancy Hirst Professor of Public Policy at the School of Public Policy at George Mason University, and from 2001-2010 he was Bernard L. Schwartz Professor of International Political Economy at the Paul H. Nitze School of Advanced International Studies, Johns Hopkins University. He served as a member of the President’s Council on Bioethics from 2001-2004. He is editor-in-chief of American Purpose, an online journal.

Dr. Fukuyama holds honorary doctorates from Connecticut College, Doane College, Doshisha University (Japan), Kansai University (Japan), Aarhus University (Denmark), the Pardee Rand Graduate School, and Adam Mickiewicz University (Poland). He is a non-resident fellow at the Carnegie Endowment for International Peace. He is a member of the Board of Trustees of the Rand Corporation, the Board of Trustees of Freedom House, and the Board of the Volcker Alliance. He is a fellow of the National Academy for Public Administration, a member of the American Political Science Association, and of the Council on Foreign Relations. He is married to Laura Holmgren and has three children.

(October 2025)

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Francis Fukuyama Olivier Nomellini Senior Fellow at FSI, CDDRL Speaker
Barry Weingast Professor of Political Science Commentator Stanford University
Ian Morris Professor of History Commentator Stanford University
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Biomass-derived energy offers the potential to increase energy security while mitigating anthropogenic climate change, but a successful path toward increased production requires a thorough accounting of costs and benefits. Until recently, the efficacy of biomass-derived energy has focused primarily on biogeochemical consequences. Here we show that the biogeophysical effects that result from hypothetical conversion of annual to perennial bioenergy crops across the central United States impart a significant local to regional cooling with considerable implications for the reservoir of stored soil water. This cooling effect is related mainly to local increases in transpiration, but also to higher albedo. The reduction in radiative forcing from albedo alone is equivalent to a carbon emissions reduction of 78 t C ha-1 , which is six times larger than the annual biogeochemical effects that arise from offsetting fossil fuel use. Thus, in the near-term, the biogeophysical effects are an important aspect of climate impacts of biofuels, even at the global scale. Locally, the simulated cooling is sufficiently large to partially offset projected warming due to increasing greenhouse gases over the next few decades. These results demonstrate that a thorough evaluation of costs and benefits of bioenergy-related land-use change must include potential impacts on the surface energy and water balance to comprehensively address important concerns for local, regional, and global climate change.

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David Lobell
Christopher B. Field
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John Micklethwait is the Editor-in-Chief of The Economist. After studying history at Magdalen College, Oxford, he worked as a banker at Chase Manhattan between 1985 and 1987 before joining The Economist as a finance correspondent in 1987. Since then his roles at The Economist have included setting up the bureau in Los Angeles, where he worked from 1990‑93; being the newspaper's media correspondent; editing the business section; running the New York bureau; and editing the United States section. The Economist now has a circulation of around 1.4 million worldwide.

Mr. Micklethwait has appeared on radio and television around the world. He has co-authored with Adrian Wooldridge, also an Economist journalist, five books: The Witch Doctors; "A Future Perfect: the Challenge and Hidden Promise of Globalisation; The Company: A Short History of a Revolutionary Idea; The Right Nation: Conservative Power in America and God is Back: How the Global Rise of Faith is Changing the World, published by the Penguin Press in April 2009.

Mr. Micklethwait was named Editors' Editor of the Year at the British Society of Magazine Editors 2010 annual awards.

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John Micklethwait Editor, The Economist Speaker
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Edward C. Luck, as Special Adviser to UN Secretary-General Ban Ki-moon, is charged with the conceptual, political, and operational development of the responsibility to protect.  An Assistant Secretary-General of the United Nations, he also serves as Senior Vice President for Research and Programs at the International Peace Institute, an independent think tank based in New York.  From 2001 to 2010, Dr. Luck was Professor of Practice in International and Public Affairs and Director of the Center on International Organization, both of Columbia University.  A past President and CEO of the United Nations Association of the USA, he has served the UN in a variety of capacities, taught at Princeton and Sciences-Po (Paris), and founded a research center co-sponsored by the NYU School of Law and Princeton’s Woodrow Wilson School.  Among his books are United Nations Security Council: Practice and Promise (Routledge, 2006 and 2011), International Law and Organization: Closing the Compliance Gap, with Michael Doyle, (Rowman & Littlefield, 2004), and Mixed Messages: American Politics and International Organization, 1919-1999 (Brookings, 1999).

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Edward Luck Assistant Secretary-General of the United Nations and special Adviser to the UN Secretary General Ban Ki-Moon Speaker
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U.S. Ambassador to the Republic of Korea (ROK) Kathleen Stephens presented the talk "U.S.-Korea Relations: Where We've Been, Where We're Going" on March 2 at the Walter H. Shorenstein Asia-Pacific Research Center. In a post-event interview with Yonhap News, Ambassador Stephens discussed key points in the U.S.-ROK relationship, and spoke to her experience as an ambassador and as a Peace Corps volunteer in the ROK.

Q. While the ROK-EU Free Trade Agreement (FTA) will come into force on July 1, the ROK-U.S. FTA is still awaiting approval from the U.S. Congress. Could you tell us about the prospects for Congressional approval of the deal?

"It was such a significant issue that even President Barack Obama mentioned the trade deal during his State of the Union address in January, and he also called on Congress to ratify it ‘as soon as possible.' Therefore, you will likely see in the coming weeks the submission of the legislation to Congress, and I expect that it will pass through both the House and the Senate after a robust discussion of it. I think that with the Administration and many stakeholders in the United States from business to workers to individual states and communities saying how important this is for the American economy and for Korea-U.S. relations, I'm very optimistic about the ratification process."

Q. The Six-Party Talks aimed at resolving the North Korean nuclear issue have been at a stalemate for more than two years. Some officials, such as Senate Foreign Relations Committee Chairman John Kerry, argue that the United States should have bilateral dialogue with the North to smooth the way for the resumption of the [Six-Party] Talks. What do you think we need now to resume the stalled Six-Party Talks?

"U.S. Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell and U.S. Special Representative for North Korea Policy Stephen Bosworth already mentioned this issue in details at a Senate Foreign Relations Committee hearing on the North Korean issue yesterday (March 1). We all agree that it is very important to improve inter-Korean relations, and we also understand that when we verify that the North truly wants to see a tangible improvement in its relations with the ROK, we should be ready to accept bilateral and multilateral dialogue."

Q. Regarding Mr. Bosworth's mention about food aid to the North, some observers speculate that there will be some change in the stalled U.S.-North Korea relations.

"(Shaking her head) The U.S. approach on the provision of humanitarian assistance including food assistance internationally has always been a principled one based upon an assessment of the need and the ability to monitor in an appropriate way to ensure the assistance gets to those who are most needy. We are applying those same principles to any consideration of humanitarian assistance to North Korea, and therefore, he [Amb. Bosworth] did not indicate any particular change."

Q. The "Jasmine Revolution" is sweeping the Middle East. Considering the lack of social networking services and a different type of regime in North Korea, it may be difficult to draw a direct comparison [between the Middle East and North Korea,] but do you think that the pro-democracy movements in the Middle East could affect North Korea?

"To be honest with you, I do not know. It is difficult to speculate on it because North Korea is certainly one of the most isolated places in the world when it comes to the availability of news about the outside world."

Q. While the ROK-EU Free Trade Agreement (FTA) will come into force on July 1, the ROK-U.S. FTA is still awaiting approval from the U.S. Congress. Could you tell us about the prospects for Congressional approval of the deal?

"It was such a significant issue that even President Barack Obama mentioned the trade deal during his State of the Union address in January, and he also called on Congress to ratify it ‘as soon as possible.' Therefore, you will likely see in the coming weeks the submission of the legislation to Congress, and I expect that it will pass through both the House and the Senate after a robust discussion of it. I think that with the Administration and many stakeholders in the United States from business to workers to individual states and communities saying how important this is for the American economy and for Korea-U.S. relations, I'm very optimistic about the ratification process."

Q. Recently, the issue of redeploying U.S. tactical nuclear weapons to the ROK in the event of a contingency on the Korean Peninsula stirred up some controversy. Some observers also point out that it is possible for the United States to assist the ROK with tactical nuclear weapons as part of its extended deterrence. If the ROK wants, is there a possibility that the United States will redeploy its tactical nuclear weapons to USFK?

"Our position is very clear on this, and we reaffirmed it at a Senate hearing yesterday (March 1). We want to see the complete denuclearization of the Korean Peninsula. That means no nuclear weapons in North Korea. There are no nuclear weapons right now in South Korea. In terms of the ROK, it's our assessment that the reintroduction of these weapons is neither desirable nor needed."

Q. President Obama, in his speeches, praised the ROK especially for its education. In the ROK, however, many people point out that the education problem is very serious. What is your take on this?

"So many Koreans talked about it. Those who are currently living in the ROK or those who have been watching the ROK's education system may know that education is such an important issue for Koreans. Personally, I am also well aware of (Koreans') education fervor as well as the stress incurred by children and families due to excessive [education-related] competition.

President Obama seems to think that every education system has some problems, and he appears to want to introduce Korea's education fervor and parents' active interest in education to the United States. In my opinion, President Obama believes that in this aspect, the ROK is a good model.

However, as everybody knows it, there is no such thing as a perfect education system. Therefore, while the United States learns education fervor from the ROK's education system, the ROK could learn a wider variety of teaching methods from the United States."

Q. Would you raise your child in a Korean-style education system?

"Since my son has already grown up, I can only give you a hypothetical answer. The biggest challenge would be language, but I can say 'Yes.' This is because I know that the ROK also has many good schools and teachers. However, when it comes to sending my child to ‘hagwon,' a private institute, I would need to discuss with Korean parents, teachers and friends."

Q.  Could you tell us about U.S.-ROK relations and public sentiments in both countries now and at the time of your assignment to the ROK? When you arrived in the ROK, U.S. beef imports were a "big issue."

"The ROK and the United States have a very friendly alliance, and they are deepening and expanding it day by day. In addition, I think that I am lucky that I have served in the ROK at a time when I can contribute to creating the best and strongest relationship in the world.

When I arrived in the ROK in September, 2008, I received a truly warm welcome from the ROK—although it is a Korean tradition. When I went out on the streets, many people, who had concerns or expectations about ROK-U.S. relations, recognized and approached me and said that they wanted to see an improvement in ROK-U.S. relations. This is a message showing that the ROK-U.S. relations are very important, and we are actually working together to maintain a good relationship. 

Even President Obama said that (the bilateral relationship) ‘has never been better than it is today.' (A fluent Korean speaker, Stephens repeated the same phrase in Korean.)"

Q. Unlike other U.S. Ambassadors to the ROK, you travel across the ROK to reach out to Koreans, even gaining the nickname "Star Ambassador." Is there any special reason?

"Thank you very much for appreciating my efforts. Whenever I am assigned to a certain nation, I think that I must understand the nation and its people because that is what a diplomat and an Ambassador is supposed to do. To me, Korea this may have been a little easier than it was for my predecessors. This is because I lived in the ROK before, I speak Korean, and I feel comfortable with Korean culture.

I visited the ROK in 1975 for the first time, and I wanted to know how much the ROK and Koreans' thought have changed ever since, and I watched actual changes with interest.   

Q.  This might be a little premature, but you are going to leave office in six months. Do you have any future plans? Are you going to continue to work to strengthen ROK-U.S. relations?

"(Laughter) This is my third time to live in the ROK. It is a great honor to serve as the U.S. Ambassador to the ROK. In my third year in office, I still have many things to do, including the ROK-U.S. FTA, but after leaving office, I hope to continue to make contributions to this great (U.S.-Korea) relationship for the rest of my life. In fact, I do not know what to do after leaving office, but I will always carry a huge interest in and commitment to this relationship."

Q. This year marks the 50th anniversary of the foundation of the Peace Corps. You actually worked as a Peace Corps volunteer in the ROK. What does the Peace Corps mean for you? How did your service in the ROK affect you today?

"Thank you for asking that question. The Peace Corps is still engaging in various activities around the world, and I think that it is the best program ever from the United States Government. I can say that this program has inspired the United States and people around the world throughout many generations.

It is true that while serving in the ROK as a Peace Corps member, I underwent a series of difficulties which I had never experienced before. It was not easy for a young woman to adapt to living and working in a nation which she hardly knew.

At that time, I needed to completely assimilate into a Korean organization. I serve in many countries as a diplomat, but it is about working at a U.S. Embassy, a U.S. institution.  Therefore, it is difficult to compare it with Peace Corps activities. I think that at that time, I had experience which was totally new mentally, physically, and emotionally. However, any Peace Corps member has such experience.

[Through such experience,] I witnessed the strength and various talents of Koreans in person, and that has had an enormous impact on my life.  

Translation by Yonhap News. Republished with permission.

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U.S. Ambassador to the ROK Kathleen Stephens, speaking at Shorenstein APARC on March 3, 2011. | George Krompacky
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