“Among the many books written on the new world economy, this is one of the most profound. A must-read for everyone interested in the mega-trends shaping the future of the world economy.”
JUSTIN YIFU LIN, Senior Vice President and Chief Economist, World Bank
“Among economists, common sense is not that common. Fortunately, Michael Spence has long bucked the trend. In this book he dispenses wisdom on economic growth—and much else—in accessible, bite-sized chunks. The world’s policy makers better listen.”
DANI RODRIK, Rafiq Hariri Professor of International Political Economy, John F. Kennedy School of Government, Harvard University
“The emergence of China is just part of an amazing catching-up process going on in the world. We all feel this profound change, but few of us have the ability to step back, put it in perspective, analyze the past, and guess where the future is taking us. Michael Spence has it, and he delivers. This is serious thinking on essential issues. I learned a lot from the book, both in the small and in the large; I am sure other readers will as well.”
OLIVIER BLANCHARD, Chief Economist, International Monetary Fund; Class of 1941 Professor Economics, Massachusetts Institute of Technology
“I always knew that Michael Spence was a terrific economist. After reading this book I realize that he also has the rare ability to see the world economy—all of it, rich and poor—with clarity, reason, and empathy. If you are looking for a lucid, readable, consistent, unprejudiced picture of what has been happening and what might happen next in the world economy, this is an excellent place to find it.”
ROBERT SOLOW, winner of the 1987 Nobel Memorial Prize in Economic Sciences
“Rarely does one find a book that is so powerful in its analysis, timely in its topic, relevant in its thinking, and clear in its exposition. Combining his Nobel Prize–winning theoretical brilliance and unmatched operational experience, Michael Spence explains clearly complex multispeed dynamics that are rapidly impacting our world and influencing the current and future well-being of billions. This is by far the best book I have seen on today's historical growth transformations.”
MOHAMED A. EL-ERIAN, CEO and co-CIO of PIMCO; and author of "When Markets Collide"
"Cogent, comprehensive, and compelling, his book sorts out the issues,
forces and trends driving "the Inclusiveness Revolution," the challenges
facing China and India, and the impact on incomes, natural resources,
and the environment." Read more...
GLENN C. ALTSCHULER, HUFFINGTON POST
Spence has written an intelligent, rational and humane book about the
great economic event of our era: convergence, or the rapid rise of once
poor countries. Anyone seeking a common-sense guide to the
transformation under way need look no further." Read more...
"In one chapter of his sharp
new book "The Next Convergence," the economist Michael Spence
asks a simple yet evocative question: Why do we want our
economy to grow? Spoiler alert: He does find a few good reasons. It's rare,
though, to hear an economist raise even theoretical doubt over
such a deeply ingrained assumption in Western economies; one
may as well ask why we want electricity." Read more...
JAMES LEDBETTER, REUTERS
"In a new book, Nobel laureate Michael Spence aims to help CFOs
understand what growth will look like in a world where developed
economies and emerging ones are moving at very different speeds." Read more...
KATE O'SULLIVAN, CFO.com
"I enjoyed reading this book. It is an entirely sensible take on
catch-up growth, a topic which is lacking a good popular treatment and
yet deserves one. I found each of the short chapters well-written and
to the point." Read more...
"Michael Spence has long been pointing out the frictions that
interfere with efficient markets. He won the Nobel prize in economics
for this in 2001, together with George Akerlof and Joseph Stiglitz. In
recent years Mr Spence has been preoccupied with the economics of
development and growth, and his interest in laissez-faire’s flaws has
stayed with him. His new book, “The Next Convergence”, warns of the
frictions that arise when the world tries to accommodate both
rapidly-growing emerging giants like India and China and slow-growing
developed countries like America." Read more...
THE ECONOMIST, from the print edition and online at ECONOMIST.COM
"Contrary to his book’s title, Nobel Prize–winning economist Spence does less prognosticating than one
might expect. Indeed, early on he shares a chart showing just how inaccurately economists predicted
growth during the 1990s. Instead, he offers a comprehensive summary of the forces at play in today’s
global economy: removal of trade barriers, the lightning-fast transfer of knowledge from developed to
emerging economies, global demand, resources, the role of national and international governments, and the
management (or not) of currency rates, among others. Spence’s style is pretty flat (Where’s John Kenneth
Galbraith when we need him?), and he seems to underestimate the looming role of climate change in any
economic scenario. Yet his status report could give attentive readers a more empowered role in their own
economic future." Read more...
ALAN MOORES, Booklist
"...the two most populous countries—China and India—began to grow at rates
close to 10 percent. If these trends continue, we will witness, in our
lifetimes, a third historical swing: a renewed convergence of living
standards. What was once the privilege of a favored few will become
commonplace for many. This potentially epochal process is the subject of
Michael Spence’s remarkable new book, 'The Next Convergence'." Read more...
"The World is Flat! China is the Future! America is Finished! Many of our most celebrated econopundits
traffic in such oversimplified, sensationalized rhetoric, especially in
times of market turmoil and economic uncertainty. But the global economy
is too complicated for slogans. Which is one reason why Michael Spence’s new book is so refreshing. Spence, who shared the Nobel Prize in economics with Joseph Stiglitz
in 2001, has systematically investigated the origins of hypergrowth,
the process through which national economies rise from poverty to
relative prosperity. In “The Next Convergence,”
he presents a nuanced, highly readable argument on the symbiotic,
fraught relationship between today’s booming developing markets and the
seemingly stagnant developed ones." Read more...
"We thought we were at the edge of a new era of human history. Not so, says Nobel laureate for economics, Michael Spence in his new book, The Next Convergence: The Future of Growth in a Multispeed World, in which he says the book is actually a sort of mid term review of growth that began around 1950 and is expected to continue till 2050..." Read more...
SUMAN TARAFDAR, Business India