http://www.project-syndicate.org/series/the_new_wealth_of_nations <p>Will an open world economy survive today’s financial crisis? Are the old strategies for growth still viable, or must countries radically alter their policies? Can climate-sensitive growth be achieved? Are big income inequalities inevitable?</p> <p></p><p></p><p></p> en 2012-02-10T06:00:43+01:00 webmaster@project-syndicate.org Michael Spence 1994-01-01T00:00:00+01:00 4 hourly http://www.project-syndicate.org/commentary/spence31/English <a href=http://www.project-syndicate.org/commentary/spence31/English>SPENCE: Mind over Market</a> Most societies have important economic and other objectives that markets and competition are not designed to achieve. In today’s rapidly globalizing world, the most important of these objectives – expressed in various ways through the political and policymaking process in a wide range of countries – are stability, distributional equity, and sustainability. Michael Spence 2012-01-13T00:00:00+01:00 http://www.project-syndicate.org/commentary/spence30/English <a href=http://www.project-syndicate.org/commentary/spence30/English>SPENCE: The Exchange-Rate Delusion</a> The emerging economies would like nothing more than the restoration of sustainable patterns of growth in the advanced economies, and are prepared to be cooperative players in that process. But focusing on these countries’ exchange rates is not the right way to go about it. Michael Spence 2011-12-19T00:00:00+01:00 http://www.project-syndicate.org/commentary/spence29/English <a href=http://www.project-syndicate.org/commentary/spence29/English>SPENCE: Can Italy Be Saved?</a> As the economist Mario Monti assembles Italy’s next government, much is at stake for the country, for Europe, and for the global economy. Only bold commitments by both the EU and Italy can prevent an extremely bad outcome – and ensure a relatively favorable one. Michael Spence 2011-11-21T00:00:00+01:00 http://www.project-syndicate.org/commentary/spence28/English <a href=http://www.project-syndicate.org/commentary/spence28/English>SPENCE: The Global Jobs Challenge</a> Over the past three decades, hundreds of millions of new workers have entered the global economy, bringing tremendous growth in income levels, opportunities, and the size of the global economy. But these new workers have also brought more employment competition, which has had profound distributional effects. Michael Spence 2011-10-17T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence27/English <a href=http://www.project-syndicate.org/commentary/spence27/English>SPENCE: Closing America’s Growth Deficit</a> As the US economy continues to sputter three years after the financial crisis erupted with full force, it has become clear that the US cannot recover strongly without a change in the mix of domestic and foreign components of total aggregate demand. That requires structural change and greater competitiveness in an expanded tradable sector. Michael Spence 2011-09-21T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence26/English <a href=http://www.project-syndicate.org/commentary/spence26/English>SPENCE: Stagnant and Paralyzed</a> The recent dramatic declines in equity markets worldwide are a response to the interaction of two factors: economic fundamentals and policy responses – or, rather, the lack of responses. Too many countries seem to be focused more on political outcomes than on economic performance. Michael Spence 2011-08-08T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence25/English <a href=http://www.project-syndicate.org/commentary/spence25/English>SPENCE: Adapt or Die</a> The major emerging economies have succeeded by focusing not only on macro and monetary stability, but also on adaptation, guided by a forward-looking (though inherently imperfect) assessment of coming micro and macro structural shifts and the measures needed to support them. Can the major developed countries do the same? Michael Spence 2011-07-14T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence24/English <a href=http://www.project-syndicate.org/commentary/spence24/English>SPENCE: A Post-Crisis World of Risk</a> The global economy’s most striking feature nowadays is the magnitude and interconnectedness of the macro risks that it faces. That is because the post-crisis period has produced a multi-speed world, as the major advanced economies struggle with low growth and high unemployment, while the main emerging economies have restored growth to pre-crisis levels. Michael Spence 2011-06-15T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence23/English <a href=http://www.project-syndicate.org/commentary/spence23/English>SPENCE: Asia’s New Growth Model</a> Emerging markets’ share of the global economy has risen steadily, led by Asian economies – home to almost three-fifths of the world’s population. If these economies take roughly the same route as their predecessors to advanced-country status, the impact on natural resources and the environment would be enormous – and probably disastrous. Michael Spence 2011-06-01T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence22/English <a href=http://www.project-syndicate.org/commentary/spence22/English>SPENCE: Changing China’s Growth Path</a> The goal of China's new Five-Year Plan is to recompose (not expand) aggregate demand, in order to sustain growth and avoid the diminishing-returns trap that is the principal risk of the current investment pattern. But changing that pattern will require many simultaneous transitions. Michael Spence 2011-04-14T00:00:00+02:00 http://www.project-syndicate.org/commentary/spence21/English <a href=http://www.project-syndicate.org/commentary/spence21/English>SPENCE: Jobs and Structure in the Global Economy</a> All countries, including the successful emerging economies, have addressed issues of inclusiveness, distribution, and equity as part of the core of their growth and development strategies. Morally, pragmatically, and politically, that is the right course. Michael Spence, Sandile Hlatshwayo 2011-03-16T00:00:00+01:00 http://www.project-syndicate.org/commentary/spence20/English <a href=http://www.project-syndicate.org/commentary/spence20/English>SPENCE: The Evolving Structure of Global Growth</a> We are now slightly more than halfway through the century-long process of modernization that started for many of today's developing countries with their emergence from colonialism in the years following World War II. But where is that process taking us, and how can we influence its course? Michael Spence, Sandile Hlatshwayo 2011-02-14T00:00:00+01:00 http://www.project-syndicate.org/commentary/spence19/English <a href=http://www.project-syndicate.org/commentary/spence19/English>SPENCE: Five Steps Forward in 2011</a> The worst of the economic worst ended for most of the world in 2010, but downside risks in the advanced countries continue to threaten global recovery. A return to stable, inclusive growth is needed to bolster support for economic openness, but achieving this requires meeting five key goals. Michael Spence 2011-01-14T00:00:00+01:00