The flow of value: An interview with Michael Spence
Emerging economies are creating extraordinary shifts in wealth, supply, and demand. Nobel Prize–winning economist Michael Spence explains how the notion of value is changing
Interview| McKinsey Global Institute
McKinsey & Company
From the forging of the ancient Silk Road to the boom of the spice trade in the 1600s, the global flow of goods and services has never been static. As Michael Spence, the Nobel Prize–winning economist and senior fellow at Stanford University’s Hoover Institution, explains, the rise of emerging economies is again upending global trade flows—and altering the very notion of value. This interview was conducted by McKinsey’s James Manyika. An edited transcript of Spence’s remarks follows.