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Michael Spence

Michael Spence

Writing for PS since 2008
180 commentaries

Michael Spence, a Nobel laureate in economics, is Professor Emeritus of Economics 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. Navigating the Trump Storm
    spence181_Tom BrennerGetty Images_trump Tom Brenner/Getty Images

    Navigating the Trump Storm

    Apr 8, 2025 Michael Spence considers the US administration's policy shake-up against the backdrop of larger global trends.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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  1. velasco158_Spencer PlattGetty Images_rustbelt Spencer Platt/Getty Images
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    There Is No Method to Trump’s Tariff Madness

    Andrés Velasco sees no merit in any of the rationales the White House has advanced for launching a global trade war.
  2. spence181_Tom BrennerGetty Images_trump Tom Brenner/Getty Images
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    Navigating the Trump Storm

    Michael Spence

    With a variety of larger forces driving profound changes, the outlook for the global economy was cloudy even before Donald Trump's return to the White House added to the uncertainty. But one thing is clear: the previous era of global interdependence based on efficiency and mutually beneficial arrangements is over.

     considers the US administration's policy shake-up against the backdrop of larger global trends.
  3. bremmer41_Dan KitwoodGettyImages_containrs_on_tarmac_uk_port Dan Kitwood/Getty Images
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    Up Against Trump’s Tariff Wall

    Ian Bremmer explains why US trade policy is tantamount to an unprecedented economic “own goal.”
  4. tharoor201_Hindustan TimesGettyImages_voters_at _polling_station Hindustan Times/Getty Images
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    Is a North-South Divide Opening in India?

    Shashi Tharoor fears that the government’s push to redraw the electoral map will favor poorer, more populous states.
  5. fischer226_Ivan AbreuSOPA ImagesLightRocket via Getty Images_usflag Ivan Abreu/SOPA Images/LightRocket via Getty Images
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    American Suicide

    Joschka Fischer mourns the loss of the United States and the relative peace and prosperity that its global leadership enabled.
  6. sherwin15_Andrew HarnikGettyImages_donald_trump_rose_garden_tariffs Andrew Harnik/Getty Images
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    Trump’s Tariffs and the Will to Power

    Richard K. Sherwin

    Donald Trump views tariffs as much more than a policy. While they will make life materially worse for people around the world – not least Americans – what matters to him is the spectacle of a heroic leader demonstrating his capacity to induce shock and awe.

     thinks those who question the rationality of recent US trade policy are missing the point.
  7. qian41_TIMOTHY A. CLARYAFP via Getty Images_NYSE Timothy A. Clary/AFP via Getty Images
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    Americans Can’t Win from Trump’s Trade War

    Nancy Qian sees only nonsense in the administration's rationale for “reciprocal” tariffs and the formula for setting them.
  8. op_moon2_JUNG YEON-JEAFP via Getty Images_ Jung Yeon-je/AFP via Getty Images
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    South Korea’s Flourishing Culture and Teetering Democracy

    Katharine H.S. Moon traces the country’s recent turmoil to the lasting impact of the Cold War and decades of military rule.
  9. schell25_Sean GallupGettyImages_china_eu_flags Sean Gallup/Getty Images
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    China’s World – or Europe’s?

    Orville Schell urges Europeans to dispel wishful thinking about what the post-American world will require of them.

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