Three decades after Deng Xiaoping’s experiments with capitalism in the southern city of Shenzhen began lifting millions from poverty, his successors are applying that same strategy to the tougher task of making China rich.
Greece risks a violent revolution unless it leaves the euro in an “orderly exit” organized by the European Central Bank and the European Union, Nobel Prize- winning economist Michael Spence told la Repubblica newspaper.
Europe may need $2 trillion in its rescue fund to fight the debt crisis, more than the 940 billion euros ($1.3 trillion) that governments are said to be seeking, said Michael Spence, the Nobel Prize-winning economist.
Michael Spence, professor of economics at New York University, discusses a possible permanent rescue fund, set up by European governments. Spence talks to Bloomberg's Kathleen Hays on "The Hays Advantage" on Bloomberg Radio.
Job growth in the U.S. is primarily in “non-tradable” industries where “we don’t compete globally,” such as government and health care, said Andrew Michael Spence , winner of the Nobel Prize in economic sciences in 2001.