At the start of a new year and a new decade, it is both humbling and illuminating to reflect on major global developments that no one saw coming just a few decades ago.
For Michael Spence's latest contributions to The Japan Times, see below:
A broad economic slowdown should come as no surprise.
With job and income polarization having increased across all developed economies, the unrest in France should serve as a wake-up call to others.
The trade war initiated by the Trump administration seems less like a tough negotiating tactic and more like a guessing game.
The global economy is undergoing a far-reaching transformation.
For many emerging economies, it is imperative to pursue a rebalancing of growth patterns, with a more active approach to managing debt and capital flows and their effects on asset prices, exchange rates, and growth. Otherwise, the dangers of unsustainable growth patterns will bring ...
If regulation of the internet is fragmented, clumsy, heavy-handed or inconsistent, the consequences for economic integration — and, in turn, prosperity — could be severe.
The U.N. is right to underscore the benefits of broad-based international cooperation on migration, but to be politically acceptable in virtually any country, such cooperation must respect national sovereignty.
Economic power and influence will continue to shift from west to east next year, with no obvious convulsions on the horizon.
Unless Europe addresses flaws in growth patterns and pursues urgent reforms, the longer-term risks to its survival will continue to mount.