lecture 11: The 1989 Democracy Movement; Japan's "bubble economy"; two Koreas

  • end of second world war and the split of Korea

    end of second world war and the split of Korea
    Since the end of second war, Korea has been split into North and South, governed by Soviet and US respectively, according to the military demarcation line (also called 38 line). Originally the split is the exact 38 line, but after the Korean War a new 38 line is set.
  • The establishment of South Korea

    The establishment of South Korea
    After Korea is split into North and South, US found it is difficult to rule South Korea from long distance and diminishing military spending. They asked united nation to let South Korea take care of themselves. South Korea has its first president election and Syngman Rhee become the first President. But North Korea didn't recognise this regime because both North and South claim they have the real right to rule whole Korea.
  • The establishment of North Korea

    The establishment of North Korea
    To counter the establishment of South Korea, North Korea also announce itself as a country and Kim Il-sung became the first president. North Korea is supported by socialism countries headed with Soviet Union while South Korea is supported by capitalism countries headed with the US.
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    Korean war

    The Korean War was among the most destructive conflicts of the modern era, with approximately 3 million war fatalities and a larger proportional civilian death toll than WW2 or the Vietnam War. It incurred the destruction of virtually all of Korea's major cities, thousands of massacres by both sides, including the mass killing of tens of thousands of suspected communists by the South Korean government, and the torture and starvation of prisoners of war by the North Korean command.
  • June 15th North–South Joint Declaration

    It was adopted between leaders of North and South Korea in June 2000 after various diplomatic meetings between the North and South. As a result of the talks, numerous separated families and relatives from the North and the South had meetings with their family members in Pyongyang and Seoul. It represents the improvement of relationship between the north and south Korea.
  • Chinese economic reform

    It is a program of economic reforms termed "Socialism with Chinese characteristics" and "socialist market economy" in the PRC. It was led by Deng Xiaoping. It created a series of social and economic problems which led to new thoughts of young people. The politics power of China was split into left wing and right wing. The students supported the right wing. The opposition eventually cause the 64 incident.
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  • Peking Spring

    It refers to a brief period of political liberalization during the "Boluan Fanzheng" period in the PRC. It began as the Democracy Wall movement in Beijing, which occurred in 1978 and 1979, right after the end of the Chinese Cultural Revolution. The name is derived from "Prague Spring", an analogous event which occurred in Czechoslovakia in 1968. Most of this criticism was directed towards the Cultural Revolution, economic reform and the government's behavior during that time.
  • Plaza Accord

    Plaza Accord
    It was a joint–agreement and its main aim was to provide an increased competitiveness of American and European exports, in relation to Japanese exports, by forcing through currency control. The signing of the Plaza Accord had a profound effect on Japan, as it is believed to have contributed to the Japanese asset price bubble of the late 1980s. This was the catalyst which ultimately led to the Lost Decades starting in the early 1990s, whose effects are still heavily felt in modern Japan.
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    日本泡沫經濟

    It was an economic bubble in Japan in which real estate and stock market prices were greatly inflated. In early 1992, this price bubble burst and Japan's economy stagnated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More specifically, over-confidence and speculation regarding asset and stock prices were closely associated with excessive monetary easing policy at the time.
  • The Louvre Accord

    It was an agreement, signed on February 22, 1987, in Paris, that aimed to stabilize international currency markets and halt the continued decline of the US dollar after 1985 following the Plaza Accord. It was considered, from a relational international contract viewpoint, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates.
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  • The death of Hu Yaobang

    The death of Hu Yaobang
    On 8 April 1989, Hu suffered a heart attack. He died on 15 April. On 22 April 1989, 50,000 students marched to Tiananmen Square to participate in Hu's memorial service, and to deliver a letter of petition to Premier Li Peng. This became a series of protests against the policies of Chinese government and urge for revolution, and eventually led to the 64 incident.
  • 五四對話

  • 學生分歧與絕食

  • People's Liberation Army at the 1989 Tiananmen Square protests

    China government eventually decide the liberate the Tiananmen Square by military force.
  • The highest point of bubble economy

    The economy in Japan was keep rising and Japanese Yen's value double in 3 years. The Nikkei stock average index reached the highest 38957 point.
  • The burst of bubble economy

    The price of land in Japan started to fall. The Nikkei stock average Index was lower than 20000, which is half of the highest point. Most of the bubble asset was vapourized in only two years.