Power Rivalry in the Yellow Sea: a new version of Cold War?

Abstract

20 years after the debacle of Saigon regime, U.S.
government of Clinton Administration announced the
normalization of relations with the Socialist Republic
of Vietnam in 1997, and Pete Peterson presented his
credentials on May 14, 1997
Despite of F. Fukuyama's assessment of the victory
of liberal democracy in ending the cold-war with the
collapse of Soviet system, the situation of East Asia
is quite different from that of Europe. In North-
Eastern part of Asia, there exist the so-called socialist
counties, like People’s Republics, in China and in
North Korea. In their constitutions, the socialistic
system is the backbone of their social, economic and
political institutions. In practical terms, Communist
party and Labour party are their dominant party for
over 60 years.