By Michael Spence - Mar 18,2017
Successful economic globalisation requires reasonably successful growth patterns in individual countries.That dynamic characterised the 30 years or so after World War II: growth rates were relatively high across a wide range of countries; their benefits were broadly shared within
By Michael Spence - Jun 22,2016
I do not believe that foreigners contribute usefully by issuing strong opinions about how a country’s citizens, or those of a larger unit like the European Union, should decide when faced with an important political choice.
By Michael Spence - Oct 22,2015
When Amazon was founded in 1994, and eBay the following year, they harnessed the connectivity of the Internet to create new, more efficient markets.In the beginning, that meant new ways of buying and selling books and collectibles; but now e-commerce is everywhere, offering custo
By Michael Spence - Oct 07,2015
It seems obvious that if a business invests in automation, its workforce — though possibly reduced — will be more productive.So why do the statistics tell a different story?In advanced economies, where plenty of sectors have both the money and the will to invest in automation, gr
By Michael Spence - May 25,2015
When World War II ended 70 years ago, much of the world — including industrialised Europe, Japan and other countries that had been occupied — was left geopolitically riven and burdened by heavy sovereign debt, with many major economies in ruins.One might have expected a long peri
By Michael Spence - Mar 14,2015
The world is facing the prospect of an extended period of weak economic growth.
By Michael Spence - Feb 18,2015
At a time of lackluster economic growth, countries around the world are attempting to devise and implement strategies to spur and sustain recovery.
The key word is strategy: To succeed, policy makers must ensure that measures to open the economy, boost public investment, enhance
By Michael Spence - Jan 26,2015
A remarkable pattern has emerged since the 2008 global financial crisis: Governments, central banks and international financial institutions have consistently had to revise their growth forecasts downward.
With very few exceptions, this has been true of projections for the globa
By Michael Spence - Dec 14,2014
Chinese President Xi Jinping’s massive anti-corruption campaign has advanced a number of key objectives: it has gone a long way towards restoring confidence in the Communist Party’s commitment to a merit-based system; countered a decades-old pattern of public sector d
By Michael Spence - Aug 27,2014
Summer is normally a time to take a break from the risks and worries of everyday life, and perhaps to take stock of where we are and where we are heading.