Lee Teng-hui’s term of office as president of the Republic of China (ROC) expired on May 20, 2000. On that day, he became the honorary chairman of the Institute of Combined Studies of National Policy, a wellfunded think tank founded by Liu Tai-ying, the former czar of the vast business empire of the Kuomintang (KMT).1 On January 14, 1988, Lee succeeded Chiang Ching-kuo as president, retiring after twelve years in office. During this period, he gradually accumulated vast powers and made himself a highly controversial figure.2 His role in the recent development of Taiwan deserves intensive examination and evaluation, particularly his involvement in the democratization, a role for which he is proud of himself, and for which he has been called “Mr. Democracy.”3