Michael O’Sullivan
Michael O’Sullivan
Michael O’Sullivan tracks the intersection of economics, politics, markets and history. He is the author of ‘The Levelling’, a treatise on where the world might be heading as globalization grinds to a halt. His recent book is “The People’s Agreement: Resetting Democracy. (January 2024)
He has twenty years experience in global financial markets, most recently as Chief Investment Officer in the International Wealth Management Division of Credit Suisse, where he worked for twelve years. In addition to working in investment management, he was the lead contributor to Credit Suisse’s think tank, the CS Research Institute. He is an entrepreneur in the fintech and NFT spaces.
He is a member of the World Economic Forum’s Council on the New Economy, and a Forbes contributor, and a speaker at the 2021 TED Talk conference. His talk received in excess of 1 million views in five weeks.
Mike’s BBC4 Programme “Waking up to World Debt” broadcast on the 24th of November. In it he interviewed Barry Eichengren, (American Economist), Raghu Rajan, ( Former Governor of the Bank of India) Joyce Chang (Chair of Global Research for J.P. Morgan’s Corporate and Investment Bank) and Ruchir Sharma an investor, author, fund manager and columnist for the Financial Times) – it is very topical.
His book on the French/Eu Democracy came out on the 17th of January 2024 and he subsequently spoke at TEDx Stormont on the 20th.
He studied in Cork and received MPhil and DPhil degrees at Balliol College, Oxford as a Rhodes Scholar. He has taught finance and economics at Oxford and Princeton.
He was an independent member of Ireland’s National Economic Social Council from 2011 to 2016, has is the author of a number of books and has contributed to journals like Foreign Affairs, the Financial Times, and Wall Street Journal in addition to being a regular guest on CNN, BBC, CNBC and Bloomberg.
A brilliant analysis of the transition in world economics, finance, and power as the era of globalization ends and gives way to new power centers and institutions.
The world is at a turning point similar to the fall of communism. Then, many focused on the collapse itself, and failed to see that a bigger trend, globalization, was about to take hold. The benefits of globalization–through the freer flow of money, people, ideas, and trade–have been many. But rather than a world that is flat, what has emerged is one of jagged peaks and rough, deep valleys characterized by wealth inequality, indebtedness, political recession, and imbalances across the world’s economies.
These peaks and valleys are undergoing what Michael O’Sullivan calls “the levelling”–a major transition in world economics, finance, and power. What’s next is a levelling-out of wealth between poor and rich countries, of power between nations and regions, of political accountability from elites to the people, and of institutional power away from central banks and defunct twentieth-century institutions such as the WTO and the IMF.
O’Sullivan then moves to ways we can develop new, pragmatic solutions to such critical problems as political discontent, stunted economic growth, the productive functioning of finance, and political-economic structures that serve broader needs.
The Levelling comes at a crucial time in the rise and fall of nations. It has special importance for the US as its place in the world undergoes radical change–the ebbing of influence, profound questions over its economic model, societal decay, and the turmoil of public life.
To avert this situation, and the dangers it entails, we could draw inspiration from the Levellers, these forgotten soldiers of the English revolution of the 17th century , who established the principles of participatory democracy: involving the people in decisions that concern them, not giving up all our power to elected officials or technocrats.
From municipal assemblies to the sharing of responsibilities in social and solidarity economy companies, The People’s Accord is a guide to renovate our institutions and reconcile us with the practice of democracy.
France is facing a democratic recession and is imposing its public policies by force. The authors present the results of experiences of participatory democracy in the countries of Northern Europe, recall its origins during the English revolution of the 17th century and propose a reflection on renovating institutions in order to reconcile the people with democracy.
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