# In an op-ed, Prof. Michael Spence explains the global impact of the US default risk

1 Faculty News October 17, 2013 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/on-the-price-of-us-political-dysfunction-by-michael-spence) -- "The global economy faces tremendous trials in the coming years: growth, employment, and distributional challenges in many advanced and developing countries; far-reaching institutional reform in Europe; the complex middle-income transition in China; and the continuing need to reduce poverty worldwide. Managing them effectively requires designing a system of global governance in which one country’s internal politics cannot jeopardize all countries’ prospects."

[Read more](http://www.project-syndicate.org/commentary/on-the-price-of-us-political-dysfunction-by-michael-spence)