Michael Spence Quotes

Few countries have become rich through free-trade, free-market policies, and few ever will.

Germany is the biggest economy of Europe and we need Germany on board for the economic reforms of Europe, including, of course, the deepening of the internal market, resisting protectionism, and supporting further economic policy coordination.

We are very supportive of the economic reforms that the Chinese government have talked about.

Cutting government spending and government intrusion in the economy will almost surely involve immediate gain for the many, short-term pain for the few, and long-term gain for all.

The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.

Growth in any individual European country has to be the result of policies for growth pursued in that country consistent with budgetary discipline.

Italy needed structural reforms to become more competitive.

Europe should stick to an open economy, to competition and we should refuse protectionism. It will not save one single job in the long run to protect non-competitive industries.

We have the most flexible and adaptive economy. Making sure we sustain the ability of the American economy to perform well is really the priority of economic policy.

And our big theme has been, you have made so much progress, we urge you on with the openings and market openings that have occurred. They clearly work and continuing on that path will produce further growth and further opportunities for the Indian people.

We have quit discussing the tariff, and have turned our attention to getting trade wherever it can be found.

Countries are very reluctant to impose short term pain for long term gain.

China's economic transformation began with the introduction in the 1980s of market incentives in the agricultural sector. These reforms were followed by a gradual opening to the global economy, a process that accelerated in the early 1990s.

We need to go faster on structural reforms in France.

Far as the government's reform agenda is concerned, a series of measures have been enacted which should increase the supply potential of the economy.

For too long, our nation has relied on low interest rates rather than undertaking the necessary long term necessary economic reforms.

I have never worshipped at the altar of free trade, but I've always been an advocate of free trade.

My advice would be, as you consider fiscal policies, to keep in mind and look carefully at the impact those policies are likely to have on the economy's productive capacity, on productivity growth, and to the maximum extent possible, choose policies that would improve that long-run growth and productivity outlook.

Venezuela needs to develop; economic growth is essential for the country after so many years of lagging behind.

Cutting the fiscal deficit is not popular. That is the experience of all governments in all countries. Expenditure cuts hurt certain vested interests, and they don't like it.

I am not anti-trade. I am pro-trade. But I am pro-sensible trade.

I don't think any government is going to go back on the reforms process. There is no government that won't attempt to get people to come and manufacture in India.

The whole idea of a trade deal is to build a fence around participants inside and give them an advantage over the outside. So there's a conceptual flaw in that, one of many conceptual flaws in NAFTA.

One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.

As a general principle, the American people would be well served by the active pursuit of effective policies to support longer-run growth in productivity.