The liberal, globalised world order is withering according to Michael O'Sullivan in his new book The Levelling: What's Next After Globalization which he will talk about in this lecture. The levelling is the process of ironing out imbalances like indebtedness and inequality, and proposing new ideas and frameworks to kickstart the next world order.
The Levelling will involve the levelling of political accountability and responsibility between political leaders and “the people”, the levelling of institutional power—away from central banks and defunct twentieth-century institutions such as the WTO and IMF and toward new treaties (on risk and monetary policy) and new institutions (for example, a truly effective and powerful climate body and an institution or agreement that oversees cybersecurity).
It will also involve the levelling out of wealth between rich and poor countries and between the very rich and “the rest,” preferably with “the rest” enjoying both better organic growth and a greater share of this growth. Then the levelling out of power between nations and regions is what the concept of the multipolar world is about, and within it, different regions will have different reserves of power.
Michael O’Sullivan, is the former chief investment officer at Credit Suisse. Michael joined Credit Suisse in July 2007 from State Street Global Markets. Prior to joining Credit Suisse, Michael spent over ten years as a global strategist at a number of sell-side institutions and has also taught finance at Princeton and Oxford Universities. He was educated at University College Cork in Ireland and Balliol College in Oxford, where he obtained M.Phil and D.Phil degrees as a Rhodes Scholar. He was an independent member of Ireland's National Economic Social Council from 2011 to 2016
Thomas Sampson is an Associate Professor of Economics in the Department of Economics at LSE.
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