# In an op-ed, Prof. Michael Spence discusses fiscal policy on a national and global scale

1 Faculty News September 21, 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/the-growing-challenge-of-policy-externalities-by-michael-spence) -- "Around the world, policies, technologies, and extended learning processes have combined to erode barriers to economic interaction among countries. Pick any indicator: trade relative to global GDP, capital flows relative to the global capital stock, and so forth – all are rising. But economic policies are set at the national level, and, with a few notable exceptions like trade negotiations and the tracking of terrorist funding and money laundering, policymakers set goals with a view to benefiting the domestic economy."

[Read more](http://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spence)