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Michael Spence

Michael Spence

Writing for PS since 2008
179 commentaries

Michael Spence, a Nobel laureate in economics, is Professor of Economics Emeritus and a former dean of the Graduate School of Business at Stanford University. He is Senior Fellow at the Hoover Institution, Senior Adviser to General Atlantic, and Chairman of the firm’s Global Growth Institute. He is Chair of the Advisory Board of the Asia Global Institute and serves on the Academic Committee at Luohan Academy. He is a former chair of the Commission on Growth and Development and a co-author (with Mohamed A. El-Erian, Gordon Brown, and Reid Lidow) of Permacrisis: A Plan to Fix a Fractured World (Simon & Schuster, 2023).

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  1. What’s Wrong With Germany’s Economy?
    spence180_Picture AllianceGettyImages_germany_annual_economic_report Picture Alliance/Getty Images

    What’s Wrong With Germany’s Economy?

    Jan 30, 2025 Michael Spence thinks the country’s prospects depend significantly on closing the digital-technology gap with the US and China.

  2. The US Economy’s Trust Deficit
    Matt Gush/Getty Images

    The US Economy’s Trust Deficit

    Dec 20, 2024 Michael Spence considers the causes and consequences of Americans’ declining faith in media and government.

  3. China Can Beat Back Deflation
    spence178_NurPhotoGettyImages_china_deflation_supermarket1 NurPhoto/Getty Images

    China Can Beat Back Deflation

    Nov 6, 2024 Michael Spence predicts that, with the right policies, the economy’s growth momentum can be restored within 2-3 years.

  4. The High Cost of Excluding Chinese Technology
    spence176_VCGVCG via Getty Images_chinaelectricvehicles VCG/VCG via Getty Images

    The High Cost of Excluding Chinese Technology

    Oct 2, 2024 Michael Spence warns that both the global economy and the sustainability agenda could be dealt a devastating blow.

  5. Europe Needs a New Economic Vision
    spence175_eu unnivation iStock / Getty Images Plus/greenbutterfly

    Europe Needs a New Economic Vision

    Aug 21, 2024 Michael Spence is confident that the European Union can make up ground lost to the US and China – if it knows what it wants.

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  1. strain36_Michael M. SantiagoGettyImages_ny_stock_exchange Michael M. Santiago/Getty Images

    How Trump Can Achieve Sustained Growth

    Michael R. Strain foresees the US president building on a strong economy, so long as he steers clear of populist policies.
  2. schwarzer9_Telmo PintoSOPA ImagesLightRocket via Getty Images_macronstarmer Telmo Pinto/SOPA Images/LightRocket via Getty Images

    Europe Alone

    Daniela Schwarzer

    US Vice President J.D. Vance's speech at this year's Munich Security Conference made it clear that the long postwar era of Atlanticism is over, and that Europeans now must take their sovereignty into their own hands. With ample resources to do so, all that is required is the collective political will.

    explains what the European Union must do now that America has walked away from the transatlantic relationship.
  3. woods61_Alex WongGettyImages_imf_walking Alex Wong/Getty Images

    What If the US Leaves the IMF and the World Bank?

    Ngaire Woods thinks the Trump administration’s approach jeopardizes America’s geopolitical and economic interests.
  4. acemoglu84_Ludovic MarinGettyImages_ai_action_summit

    Will We Squander the AI Opportunity?

    Daron Acemoglu worries that the technology is on track to disempower, rather than complement, most of humanity.
  5. oladosu1_Sakorn SukkasemsakornGetty Images_moneyeducation Sakorn Sukkasemsakorn/Getty Images

    Education Belongs on the Climate Agenda

    Adenike Oladosu explains why investing in schools in conflict- and crisis-affected countries would build resilience.
  6. schell24_ApicGettyImages_mao_zedong Apic/Getty Images

    Trump’s Cultural Revolution

    Orville Schell

    Donald Trump has upended seven decades of US foreign policy in a matter of weeks, leaving global leaders aghast and bewildered. But while his actions may seem unparalleled, there is a precedent for his political blitzkrieg: Mao Zedong, who had an even more impressive penchant for chaos and disruption.

    sees obvious and troubling parallels between the US president and Mao Zedong.
  7. legrain40_Omar MarquesGetty Images_polandmilitary Omar Marques/Getty Images

    How Europe Can Rearm

    Philippe Legrain sees three options for the European Union to finance the sharply higher defense investment it urgently needs.
  8. fischer225_Picture AllianceGettyImages_jd_vance_msc Picture Alliance/Getty Images

    Trump’s Surprise Attack on Europe

    Joschka Fischer thinks the continent has become a sitting duck in the face of the US administration’s strategic revisionism.
  9. palacio166_Andrew HarnikGettyImages_modi_arriving Andrew Harnik/Getty Images

    India Has Arrived

    Ana Palacio charts the country’s transition from passive observer to active shaper of international affairs.

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