A succinct description of how the recent period of growth in developing countries is leading to a convergence with the advanced countries, or developed world.

Jobs growth was slow in May, renewing pessimism about the U.S. economy.

Many low-paying jobs have moved from the United States to rapidly growing markets abroad, and higher-paying jobs may soon follow. While Americans benefit from cheaper goods, employment opportunities have diminished. Policymakers should address this trade-off as a first step toward tackling questions of inequality and economic distribution.

Michael Spence says Italy can be saved only if both it and the European Union commit boldly and unconditionally to aggressive action on stabilization and reform.

Michael Spence and Mohamed El-Erian explain how a fundamental review of the way political decisions are made in the United States and Europe can improve policymaking.

Michael Spence presents three major employment challenges facing the global economy as it undergoes massive structural change.

Is globalization to blame for rising unemployment and income inequality in the United States?

Michael Spence writes that structural change and expansion in the tradable sector will be necessary to restore U.S. economic growth.

Michael Spence argues reduced deficits, restored demand, and investments in productivity and competitiveness can help turn the economic tide.

Amid fears of another global recession, investors are focused on U.S. policymakers. Restoring confidence in the world's largest economy will require both national sacrifice and innovation--not more Fed intervention, says CFR's A. Michael Spence.

Michael Spence says recent worldwide market volatility is the result of weak economic fundamentals and disappointing policy responses.

Michael Spence argues that advanced economies must adopt a flexible policy attitude toward long-term structural changes if they are to bounce back from the 2008 crisis.

Michael Spence says the temporary effects of a stimulus package will not fix the lasting effects of structural change.

Jobs growth was slow in May, renewing pessimism about the U.S. economy.

Michael Spence surveys the rocky road to recovery that lies ahead of both advanced and emerging economies.

Michael Spence emphasizes the importance of a fair and open selection process in choosing the IMF's next leader.

Michael Spence describes how Asia's emerging economies will have to incorporate sustainability into their plans for growth.

Michael Spence discusses the challenges China will face as it transitions from middle-income to developed-country status.

Michael Spence and Sandile Hlatshwayo write that if a relatively open global system is to survive, policymakers will have to ensure that its benefits are distributed equitably between and within countries.

Many low-paying jobs have moved from the United States to rapidly growing markets abroad, and higher-paying jobs may soon follow. While Americans benefit from cheaper goods, employment opportunities have diminished. Policymakers should address this trade-off as a first step toward tackling questions of inequality and economic distribution.

Oil price shocks spurred by Mideast events are unlikely to derail the U.S. economic recovery, says CFR Distinguished Visiting Fellow Michael Spence. But bigger shifts in the global economy will hit U.S. unemployment, income inequality, and capital costs, he says.