Nobel Laureate Michael Spence talks about lessons from China, austerity vs. stimulus, long-term investment in a politically divided democracy, and prospects for economic growth.
Michael Spence is chairman of the independent Commission on Growth and Development associated with the World Bank. A professor emeritus at Stanford University, he was awarded the Nobel Prize for economics in 2001. He spoke with Global Viewpoint Network editor Nathan Gardels in Italy on Thursday.
Nathan Gardels: In your report on “post-crisis growth,” you noted the “resilience” of China, which has bounced back to high growth after the Wall Street crash and is now officially the second-largest economy in the world.
What are the key factors of China’s resilience? Will China be able to keep bouncing back, or might the recessionary winds from across the Pacific cool things down?
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