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April 29, 2024
 

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Michael Spence
For Michael Spence's latest contributions to The Japan Times, see below:
COMMENTARY / World
Aug 28, 2012
Why is government policymaking paralyzed?
It is no secret that the global economy is struggling. Europe is in the midst of a crisis whose root cause is a structurally flawed monetary and economic union.
COMMENTARY / World
Jun 26, 2012
Clarity in the conflict of austerity versus growth
It seemed clear that Germany (or at least this rather large gathering of government, business, and labor leaders) remains committed to the euro and to deeper European integration, and recognizes that success will require Europe-wide burden-sharing to overcome the ongoing eurozone crisis. The reforms in Italy and Spain are rightly reviewed as crucial, and there appears to be a deep understanding (based on Germany's own experience in the decade and a half following reunification) that restoring competitiveness, employment, and growth takes time.
COMMENTARY / World
May 28, 2012
Why do economies stop growing?
Over the years, advanced and developing countries have experimented, sometimes deliberately and frequently inadvertently, with a variety of approaches to growth. Unfortunately, many of these strategies have turned out to have built-in limitations or decelerators — what one might call elements of unsustainability. And avoiding serious damage and difficult recoveries requires us to get a lot better at recognizing these self-limiting growth patterns early on.
COMMENTARY / World
Apr 26, 2012
Reinventing the Sino-U.S. relationship
China and the United States are in the grip of major structural changes that both dread will end the halcyon era when China produced low-cost goods and the U.S. bought them. In particular, many fear that if these changes lead to direct competition between the two countries, only one side can win.
COMMENTARY / World
Dec 27, 2011
Exchange-rate delusion distracts America from need to restore productivity, trade links
If one looks at the trade patterns of the global economy's two biggest players, two facts leap out:
COMMENTARY / World
Nov 25, 2011
Keeping the eurozone intact
As the economist Mario Monti's new government takes office in Italy, much is at stake — for the country, for Europe and for the global economy.
COMMENTARY / World
Oct 3, 2011
Greater growth with lower domestic demand
As the American economy continues to sputter three years after the global financial crisis erupted, one thing has become clear: The United States cannot generate higher rates of growth in gross domestic product and employment without a change in the mix of the economy's domestic and export-oriented components.
COMMENTARY / World
Jun 7, 2011
A new, sustainable growth model for Asia
Led by Asia, the share of the global economy held by emerging markets has risen steadily over recent decades. For the countries of Asia — especially China and India — sustainable growth is no longer part of a global challenge. Instead, it has become a national growth-strategy issue.
COMMENTARY / World
Feb 22, 2011
Expanding the scope of the export sector
NEW YORK — Since the end of World War II, the global economy's trade and financial openness has increased, thanks to institutions like the International Monetary Fund and successive rounds of liberalization, starting with the General Agreement on Tariffs and Trade in 1947.
COMMENTARY / World
Jan 19, 2011
Global economy: five steps forward in 2011
MILAN — The worst of the financial/economic crisis seems to be over. Asset markets performed reasonably well in 2010. Growth in the United States and parts of Europe returned. Private-sector deleveraging continued, but was counterbalanced by rising public-sector deficits and debt. And emerging-market growth returned to pre-crisis levels and appears to be sustainable, helped by unorthodox policies designed to "sterilize" massive capital inflows.
COMMENTARY / World
Nov 17, 2010
Fixing the U.S. economy
NEW YORK — For many, if not most, Americans, the crisis that befell them in 2008 — leading to slow growth, rising unemployment and high anxiety among voters — appeared to spring from nowhere. Certainly, the vast majority of economists, investment analysts, financial firms and regulators failed to see the growing risk. In fact, it had deep roots.
COMMENTARY / World
Oct 25, 2010
White House magic at halftime
NEW YORK — In September 2008, the global economy and financial system was hit by an earthquake, whose epicenter was in the United States. It was the end of the Bush administration. The presidential election was two months away. The timing, from the point of view of crisis management, could not have been worse.
COMMENTARY / World
Oct 20, 2008
From distress to effective global governance
STANFORD, Calif. — The current credit crisis has led to scaled-back projections for growth around the world. Governments and central banks are responding to damaged balance sheets and credit lockups in an attempt to limit extreme harm to their economies outside the financial sector.
Number of homeless in Japan hits record low
Homeless people sleep on the street in Tokyo's Shinjuku Ward in August 2021.
Raising kids in Japan as a single parent? It takes a village.
Making things work as a foreign, single mother in Japan isn't easy, but these tips and tricks can help you through the hardest parts.
JAL cancels international flight after captain gets drunk at Dallas hotel
A Japan Airlines' flight from Dallas to Tokyo was canceled last week after its captain got drunk at a local hotel.
In Japan, regional revitalization fails to halt population decline
Sakiyama elementary school in Tamba, Hyogo Prefecture, in March .Over the past decade, the government has directed efforts toward policies designed to give young people incentives to base themselves in rural areas.
Putin’s war will soon reach Russians’ tax bills
Russian President Vladimir Putin speaks during a meeting in St. Petersburg on Friday.
Japan wants you to spend more with ‘luxury tourism’
Performers play a traditional drum unique to Wajima, Ishikawa Prefecture, in the prefectural capital of Kanazawa on March 16 to mark the extension of the Hokuriku Shinkansen line to Tsuruga Station in Fukui Prefecture.
Theaster Gates’ ambitious ‘Afro-Mingei’ brings Black Chicago to Tokyo
Theaster Gates' “A Heavenly Chord” lines up church pews before seven speakers and a Hammond B3 organ, a type of electric organ prevalent in Black American churches.
Casa del Cibo: A thriving jewel born from Tohoku’s harsh past
When chef Ryohei Ikemi moved to Hachinohe, Aomori Prefecture, and opened Casa del Cibo in 2011, it was the first proper Italian restaurant in the city.
Town to block view of Mount Fuji in response to overtourism
The town government of Fujikawaguchiko, Yamanashi Prefecture, decided to set up a 2.5-meter-high screen to prevent tourists from taking pictures of Mount Fuji looming behind a convenience store.
Kyotographie's strong 12th edition shines light into the margins
Yassine Alaoui Ismaili, who goes by Yoriyas, turned to photography, shooting motion while in motion himself, after an injury forced him to give up his career as a professional breakdancer.

Podcast

From easily navigable train stations to the helpfulness of its municipal staff, Tokyo has earned high praise for its commitment to accessibility for disabled travelers.
[Rebroadcast] Japan is doing better on accessibility than you may think

Longform

When trying to trace your lineage in Japan, the "koseki" is the most important form of document you'll encounter.
Climbing the branches of a Japanese family tree
By Alex K.T. Martin

SUSTAINABLE JAPAN

A young restaurant leads the way in Karuizawa
A young restaurant leads the way in Karuizawa

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