# Prof. Michael Spence's views are cited in an op-ed on the impact of political instability

1 Faculty News August 18, 2014 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](http://www.ft.com/intl/cms/s/0/95f441dc-221d-11e4-ad60-00144feabdc0.html#axzz3AqUN4sqc) -- "The wider lesson, according to [Michael Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence), a winner of the Nobel Prize for economics, is that the main current threats to prosperity – those that urgently need effective international co-operation – are the spillover effects of regional tensions, conflict and competing claims to spheres of influence. The most powerful impediment to growth, he adds, is a loss of confidence in the systems that made rising global interdependence possible."

[Read more](http://www.ft.com/intl/cms/s/0/95f441dc-221d-11e4-ad60-00144feabdc0.html#axzz3AqUN4sqc)