By Michael Spence, 2001 Nobel Laureate in Economic Sciences, Professor of Economics Emeritus and former Dean at Stanford University’s Graduate School of Business, and Member of SAGE’s Academic Committee

  Mar 27, 2026 — Project Syndicate (Opinion)
 
In a highly decentralized and competitive network, investors are incentivized to optimize for efficiency rather than for resilience. This dynamic has produced a highly fragile global economy, owing to single points of failure that extend far beyond geographical bottlenecks like the Strait of Hormuz.
 

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