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Michael Spence

Michael Spence

Writing for PS since 2008
175 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. 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.

  2. The Economics of Philanthropy
    spence174_ David RyderGetty Images_gates foundation David Ryder/Getty Images

    The Economics of Philanthropy

    Jul 4, 2024 Michael Spence proposes mechanisms for inducing the wealthy to support public goods at a time of rising inequality.

  3. Crunch Time for the Power Sector
    spence173_ Joe RaedleGetty Images_power Joe Raedle/Getty Images

    Crunch Time for the Power Sector

    May 17, 2024 Michael Spence argues that developing flexible, stable, and resilient smart grids requires an expanded industrial policy.

  4. The Indian Giant Has Arrived
    op_elerian1_ Debarchan ChatterjeeNurPhoto via Getty Images_indiapopulation Debarchan Chatterjee/NurPhoto via Getty Images

    The Indian Giant Has Arrived

    Mar 22, 2024 Mohamed A. El-Erian & Michael Spence consider the risks and challenges associated with the country's rapidly expanding global footprint.

  5. Making Sense of Society
    spence170_Biplov BhuyanHindustan Times via Getty Images_wsupreme court india Biplov Bhuyan/Hindustan Times via Getty Images

    Making Sense of Society

    Feb 29, 2024 Michael Spence considers why a healthy civil society is crucial to good governance and inclusive prosperity.

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  1. goldberg31_Caitlin O'Hara for The Washington Post via Getty Images_TSMCarizona Caitlin O'Hara for The Washington Post via Getty Images
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    What a Successful Industrial Policy Needs

    Pinelopi Koujianou Goldberg demonstrates that while subsidies can help, knowledge and technology transfers are crucial.
  2. zhang68_Jiang QimingChina News ServiceVCG via Getty Images_PBOC Jiang Qiming/China News Service/VCG via Getty Images
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    China’s Commitment to Constant Adaptation and Structural Transformation

    Zhang Jun explains why the government insists on combining efforts to expand domestic demand with supply-side reforms.
  3. ayers1_Indranil AdityaNurPhoto via Getty Images_indiaheatwavewoman Indranil Aditya/NurPhoto via Getty Images
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    Helping Women Adapt to Extreme Heat Helps Us All

    Jess Ayers & Helen Mountford urge the public and private sectors to work together to scale up innovations such as heat-wave insurance.
  4. afrasmussen20_YASUYOSHI CHIBAAFP via Getty Images_ukrainesoldier Yasuyoshi Chiba/AFP via Getty Images
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    Achieving Peace Through Strength in Ukraine

    Anders Fogh Rasmussen & Andriy Yermak

    To secure a lasting peace, Ukraine’s allies must make Vladimir Putin understand that he cannot dictate the terms. Guaranteeing Ukraine’s security will require increased military support, a clear path to NATO membership, and international support for President Volodymyr Zelensky’s peace plan.

     outline steps that global leaders can take to ensure a Ukrainian victory and deter future Russian aggression.
  5. zadek30_Jonas GratzerLightRocket via Getty Images_bioplastic Jonas Gratzer/LightRocket via Getty Images
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    Only a Sustainable Bioeconomy Can Save Us

    Simon Zadek argues that investing in biodiversity while the global economy continues to over-exploit resources is futile.
  6. stiglitz341_Celal GunesAnadolu Agency via Getty Images_IMF Celal Gunes/Anadolu Agency via Getty Images
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    The IMF Must End Its Destructive Surcharges

    Joseph E. Stiglitz, et al.

    The International Monetary Fund’s surcharge policy has led to an unseemly state of affairs: countries in financial distress have become the largest source of net revenue to the Fund in recent years. These surcharges must be eliminated or, at the very least, adjusted to reduce the excessive burden on highly indebted countries.

     decry the counterproductive practice of imposing additional fees on countries in debt distress.
  7. palacio161_FILIPPO MONTEFORTEAFP via Getty Images_europeLNG Filippo Monteforte/AFP via Getty Images
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    Conflict and Competitiveness in Europe

    Ana Palacio supports the EU reform agenda recently proposed by former Italian Prime Minister Mario Draghi.
  8. yi15_Kevin FrayerGetty Images_chinababy Kevin Frayer/Getty Images
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    China Shuts Down Its International-Adoption Machine

    Yi Fuxian welcomes the government's apparent recognition that a severe demographic crisis looms.
  9. anelson1_MARCO LONGARIAfpAFP via Getty Images_senegalelection Marco Longaria/AFP via Getty Images
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    From the Year of Elections to the Year of Governance

    Adam Nelson & Kristen Sample highlight five major challenges reformist governments must confront to minimize populist threats.

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