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In Pursuit of Open Markets: U.S. Economic Strategy in the Asia-Pacific

U .S. strategy in the Asia-Pacific (hereinafter, A-P) has three main pillars. The first is to minimize the risk of major war and to keep security competition under control. This objective is pursued by maintaining-and, in some respects, strengthening-U.S. military capabilities in the region. The second pillar, which I emphasize in this article, is the pursuit of open markets consistent with broader U.S. economic strategy in an era of increasing globalization. Toward that end, Washington seeks to maximize trade and investment ties with A-P countries, albeit always on its own terms. The third pillar is to project American values, from the rule of law and the principles of democracy to American-style capitalism and Western concepts of human rights. Although I focus in this article on the policies of the Clinton administration, my underlying premise is that U.S. strategy will exhibit a fundamental continuity under the new Bush administration.1 Among observers on both sides of the Pacific-including academics, policy analysts, and government officials alike-there are arguably two basic interpretations of U.S. hegemony. (Indeed, these two perspectives reflect the thinking not just of Asian and American observers, but of observers across the world.) According to the first interpretation, the United States can be seen as a fairly benign (or perhaps even benevolent) hegemon. A clearly self-interested Washington seeks-and, for the most part, provides--both military stability through existing alliance commitments and economic stability through a common (if unequal) prosperity achieved by growing economic interdependence. As the largest stakeholder in global affairs, the United States pursues its milieu goals