Globalization and Unemployment E-mail
MICHAEL SPENCE | OP-EDS
Thursday, 02 June 2011 10:41

Globalization is the process by which markets integrate worldwide. Over the past 60 years, it has accelerated steadily as new technologies and management expertise have reduced transportation and transaction costs and as tariffs and other man-made barriers to international trade have been lowered. The impact has been stunning. More and more developing countries have been experiencing sustained growth rates of 7-10 percent; 13 countries, including China, have grown by more than 7 percent per year for 25 years or more. Although this was unclear at the outset, the world now finds itself just past the midpoint in a century-long process in which income levels in developing countries have been converging toward those in developed countries. Now, the emerging economies' impact on the global economy and the advanced economies is rising rapidly.

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IMF's next leader: Don't rush this choice E-mail
MICHAEL SPENCE | OP-EDS
Wednesday, 01 June 2011 08:16

Michael Spence Christian Science MonitorThe departure of Dominique Strauss-Kahn as head of the International Monetary Fund has presented the G20 group of advanced and emerging economies with an opportunity and a challenge as they vie to select a new leader. It is a critical moment of transition because the emerging economies that have been in the shadows during most of the IMF’s existence will be dominant in the not-too-distant future. Thus, the openness of the selection process for a new IMF leader will be key not only to the future legitimacy of that institution but to the very notion of cooperative global economic management.

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Asia's New Growth Model E-mail
MICHAEL SPENCE | OP-EDS
Wednesday, 01 June 2011 07:34

Michael Spence Project SyndicateLed by Asia, the share of the global economy held by emerging markets has risen steadily over recent decades. For the countries of Asia – especially its rising giants, China and India – sustainable growth is no longer part of a global challenge. Instead, it has become a national growth-strategy issue. This marks a sea change in the global structure of incentives with respect to achieving sustainability.

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Changing China's Growth Path E-mail
MICHAEL SPENCE | OP-EDS
Thursday, 14 April 2011 13:41

Project SyndicateChina is poised to begin its transition from middle-income to developed-country status. Relatively few economies (five to be precise, all in Asia: Japan, South Korea, Taiwan, Hong Kong, and Singapore) successfully managed this transition while sustaining high growth rates. No country of China’s size and diversity has ever done so.

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Jobs and Structure in the Global Economy E-mail
MICHAEL SPENCE | OP-EDS
Wednesday, 16 March 2011 13:52

The global economy is at a crossroads as the major emerging markets (and developing countries more broadly) become systemically important, both for macroeconomic and financial stability and in their impact on other economies, including the advanced countries.

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