In the future, Michael O'Sullivan foresees two types of countries: democratic, market-based 'Levellers' and state-managed societies called 'Leviathans' OpenFuture
HAS THE world witnessed “peak democracy”? Is the future one in which open societies with free markets vie for influence in global affairs with authoritarian countries under state capitalism? The very questions evoke a nostalgia for a seemingly simpler past. For Michael O’Sullivan, formerly an investment banker and economist at Princeton University, it is more useful to consider the future.
: One problematic factor here is that there is no central body or authority to shape globalisation, beyond perhaps the World Economic Forum or maybe the Organisation for Economic Co-operation and Development. In many ways, the end of globalisation is marked by the poor and inconclusive response to the global financial crisis. In general, the response has been to cut the cost of capital and not to tackle the root causes of the crisis.
The most distinctive approach to nations doing things in their own way will be for what the Levellers might call the “rights of freeborn men,” or the idea of the open society. The code of the Levellers presents a very clear political formula that Europeans and Americans will recognise for its values, though decreasingly in its practice.
The emergence of a new world order, based on large regions and coloured by Leveller and Leviathan modes of governance, echoes several periods in history. The challenge in the next few years will be for Leviathan-oriented nations like China to maintain economic stability so that rising unemployment, for instance, does not break the “Leviathan contract”.
China, in particular, is interesting in the context of the switch from globalization to multipolarity, not least because at the 2017 World Economic Forum the Chinese president claimed the mantle of globalization for China. China benefited greatly from globalization and its accoutrements , and it played a vital role in the supply-chain dynamic that drove globalization. However, trade flows into China increasingly betray a move away from a globalized world and toward a more regionally focused one.
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