Faculty News

Professor Michael Spence warns that if vulnerable developing countries don't get help from the G20 and international financial institutions it could trigger a correction in the global economy

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Excerpt from China Daily Asia -- "Some commentators believe the compound effect of this could result in the 2020s becoming a repeat of the Great Depression in the 1930s. Michael Spence, professor of economics at New York University’s Stern School of Business and a Nobel Prize winner for economics, said this is not inconceivable. 'There would have to be a lot of mistakes made to get there. The main risk is the poorer developing countries. They are highly vulnerable, both medically and economically,' he said."

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