Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957)
is a British
economist
An economist is a professional and practitioner in the social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...
best known for coining
BRIC
BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
s, the acronym that stands for
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
,
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, and
China—the four once rapidly developing countries that were thought to challenge the global economic power of the developed
G7 economies. He is also a former chairman of
Goldman Sachs Asset Management and former
Conservative
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in ...
government minister. As of January 2014, he is an Honorary Professor of
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
at the
University of Manchester
, mottoeng = Knowledge, Wisdom, Humanity
, established = 2004 – University of Manchester Predecessor institutions: 1956 – UMIST (as university college; university 1994) 1904 – Victoria University of Manchester 1880 – Victoria Univ ...
. He was appointed
Commercial Secretary to the Treasury in the
Second Cameron Ministry
David Cameron formed the second Cameron ministry, the first Conservative majority government since 1996, following the 2015 general election after being invited by Queen Elizabeth II to form a new administration. Prior to the election Cam ...
, a position he held until his resignation on 23 September 2016. He chaired the UK's Independent Review into Antimicrobial Resistance for two years, which completed its work in May 2016. Since 2008, he has written monthly columns for international media organization
Project Syndicate. He is the current chairman of the Council of
Chatham House
Chatham House, also known as the Royal Institute of International Affairs, is an independent policy institute headquartered in London. Its stated mission is to provide commentary on world events and offer solutions to global challenges. It is ...
, the Royal Institute of International Affairs.
Career
O'Neill obtained a
Bachelor of Arts
Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four year ...
(BA) degree in 1977 and an
Master of Arts
A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Th ...
(MA) degree in economics from
Sheffield University
, mottoeng = To discover the causes of things
, established = – University of SheffieldPredecessor institutions:
– Sheffield Medical School – Firth College – Sheffield Technical School – University College of Sheffield
, type = Pu ...
in 1978.
[Lord O’Neill of Gatley](_blank)
- website gov.uk He subsequently earned his
PhD degree from the
University of Surrey in 1982, with a thesis titled
An empirical investigation into the OPEC surplus and its disposal'. O'Neill began his career in finance working at
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
in 1982. In 1985 he joined
Marine Midland Bank
Marine Midland Bank was an American bank formerly headquartered in Buffalo, New York, with several hundred branches throughout the state of New York. In 1998, branches extended to Pennsylvania. It was acquired by HSBC in 1980, and changed its na ...
as Economist for their International Treasury Management Division. After Marine Midland was purchased by HSBC he joined
Swiss Bank Corporation
Swiss Bank Corporation was a Swiss investment bank and financial services company located in Switzerland. Prior to its merger, the bank was the third largest in Switzerland with over CHF300 billion of assets and CHF11.7 billion of equ ...
in 1988 where he was in charge of the
fixed income research group, and he served as SBC's chief of global research. He joined Goldman Sachs in 1997 and he was appointed as the head of global economics research in 2001, which is also when he published the seminal BRIC paper.
Jan Hatzius
Jan Hatzius (born December 17, 1968) is the chief economist of investment bank Goldman Sachs. Notable for his bearish forecasts prior to the Financial crisis of 2007–2008, he is a two-time winner of the Lawrence R. Klein Award for the most accu ...
replaced O'Neill as chief economist after O'Neill moved to Goldman Sachs Asset Management.
In 2010, he was named chairman of Goldman Sachs's Division of Asset Management, a newly created position in which O'Neill managed over $800 billion in assets by "leverag
ng his "global perspective on world markets".
He continues to publish research regarding the global economy, in addition to coming up with innovative investment strategies for clients. His new appointment was regarded as a symbol of Goldman's "efforts to reposition itself for
Wall Street's post-
crisis
A crisis ( : crises; : critical) is either any event or period that will (or might) lead to an unstable and dangerous situation affecting an individual, group, or all of society. Crises are negative changes in the human or environmental affair ...
era",
one in which Goldman Sachs is "
bullish
Market sentiment, also known as investor attention, is the general prevailing attitude of investors as to anticipated price development in a market. This attitude is the accumulation of a variety of fundamental and technical factors, including ...
" about the fact that emerging markets are "the future".
In 2011, he was included in the
50 Most Influential ranking of ''
Bloomberg Markets
''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial ma ...
'' magazine.
![Review on Antimicrobial Resistance (27015177862)](https://upload.wikimedia.org/wikipedia/commons/2/25/Review_on_Antimicrobial_Resistance_%2827015177862%29.jpg)
He retired from the firm in 2013. He is a currently on the International Advisory Board of the Centre for Rising Powers at the University of Cambridge. O'Neill sits on the QFINANCE Strategic Advisory Board. He is also a member of the board of
Bruegel, the European
think tank
A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governmenta ...
for international economics. O'Neill is chairman of the Greater Manchester Local Enterprise Partnership Advisory Board, which advises on the growth of the
Greater Manchester economy. On 2 July 2014, he was appointed by UK Prime Minister
David Cameron to head an international commission to investigate global antimicrobial resistance. In 2014, O'Neill was awarded an Honorary
Litt.D. degree by the University of Sheffield in recognition of his contribution to international economics. He has honorary degrees from the Institute of Education of the
University of London
The University of London (UoL; abbreviated as Lond or more rarely Londin in post-nominals) is a federal public research university located in London, England, United Kingdom. The university was established by royal charter in 1836 as a degree ...
, for his educational philanthropy, and from
City University London
City, University of London, is a public research university in London, United Kingdom, and a member institution of the federal University of London. It was founded in 1894 as the Northampton Institute, and became a university when The City Univ ...
for his services to banking and finance.
In 2018, Lord O'Neill published the book ''Superbugs: an Arms Race Against Bacteria'' co-written with Anthony McDonnell and Will Hall, which tells the story of drug resistant infections and outlines the policy interventions he believes necessary to stop them.
House of Lords
In 2015, he was created a
Life Peer as Baron O'Neill of Gatley, ''of
Gatley
Gatley is a suburb in the Metropolitan Borough of Stockport, Greater Manchester, England, 3 miles north-east of Manchester Airport.
History Toponymy
Within the boundaries of the historic county of Cheshire, in 1290, Gatley was known as ''Ga ...
in the
County of Greater Manchester'', and took up an unpaid post in
HM Government
ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd
, image = HM Government logo.svg
, image_size = 220px
, image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg
, image_size2 = 180px
, caption = Royal Arms
, date_es ...
as the
Commercial Secretary to the Treasury. In this role O'Neill's primary role was to work on the
Northern Powerhouse
The Northern Powerhouse is a proposal to boost economic growth in the North of England by the 2010–15 coalition government and 2015–2016 Conservative government in the United Kingdom, particularly in the " Core Cities" of Hull, Manchester ...
project and to help reinvigorate trade with
China. Following the resignation of
David Cameron as
Prime Minister
A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister i ...
his successor,
Theresa May
Theresa Mary May, Lady May (; née Brasier; born 1 October 1956) is a British politician who served as Prime Minister of the United Kingdom and Leader of the Conservative Party from 2016 to 2019. She previously served in David Cameron's cabi ...
, kept O'Neill in post. In 2016, O'Neill resigned over concerns that May was not committed to the Northern Powerhouse project, making him the first member of
May's ministry to resign.
O'Neill sat in the
House of Lords
The House of Lords, also known as the House of Peers, is the upper house of the Parliament of the United Kingdom. Membership is by appointment, heredity or official function. Like the House of Commons, it meets in the Palace of Westminste ...
as a
Conservative
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in ...
life peer from 28 May 2015 to 23 September 2016. After leaving the Conservatives, he then sat as a
non-affiliated member of the House of Lords
Non-affiliated members of the House of Lords are peers who do not belong to any parliamentary group. They do not take a political party's whip, nor affiliate to the crossbench group, nor are they Lords Spiritual (bishops). Formerly, the Lords of ...
23 September 2016 to 9 October 2017, and he has sat as a member of the
crossbenchers
A crossbencher is an independent or minor party member of some legislatures, such as the British House of Lords and the Parliament of Australia. They take their name from the crossbenches, between and perpendicular to the government and oppositi ...
since 9 October 2017.
Economic views
O'Neill claims not to commit to a specific financial
ideology; instead, he is known for his "pragmatic, long-term" vision of
currency market
The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspe ...
s. He improves upon traditional models of data analysis by incorporating elements that ultimately make them more accurate.
BRICs
O'Neill coined the term "
BRIC
BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
" in 2001 in "The World Needs Better Economic BRICs", a paper written for Goldman Sachs's "Global Economic Paper" series, on the four emerging "BRIC" economies
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
,
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, and
China.
Foreign exchange markets
O'Neill has been called a "
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general ...
guru
Guru ( sa, गुरु, IAST: ''guru;'' Pali'': garu'') is a Sanskrit term for a "mentor, guide, expert, or master" of certain knowledge or field. In pan-Indian traditions, a guru is more than a teacher: traditionally, the guru is a reverential ...
"; he has been hailed as "the top
foreign-exchange economist anywhere in the world in the past decade". For example, in 2004 he accurately predicted that the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
would rise from $1.25 to $1.30 a year later; he was also right about the
yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the e ...
's rise in the mid-1990s.
He was previously head of global economic research and commodities and strategy research at Goldman Sachs.
Next Eleven
The Next Eleven (known also by the
numeronym
A numeronym is a number-based word. Most commonly, a numeronym is a word where a number is used to form an abbreviation (albeit not an acronym or an initialism). Pronouncing the letters and numbers may sound similar to the full word, as in " K9" ...
N-11) are the eleven countries –
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
,
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Medit ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
,
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
,
Mexico
Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...
,
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
,
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
, the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...
,
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula in ...
, and
Vietnam
Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...
– identified by Jim O'Neill in a
research paper as having a high potential of becoming, along with the
BRICS
BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa. The first four were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the ter ...
countries, among the world's largest economies in the 21st century. The bank chose these
states, all with promising outlooks for investment and future growth, on 12 December 2005.
The criteria used were
macroeconomic stability,
political maturity,
openness
Openness is an overarching concept or philosophy that is characterized by an emphasis on transparency and collaboration. That is, openness refers to "accessibility of knowledge, technology and other resources; the transparency of action; the per ...
of trade and investment policies, and the quality of education. The N-11 paper is a follow-up to the bank's 2003 paper on the four emerging "BRIC" economies.
MIKT
In 2011, O'Neill coined the term MIKT (MIST is also used) for the countries of Mexico, Indonesia, South Korea, and Turkey. The term has largely fallen out of use, having been replaced by MINT (see below).
MINT
In 2013, O'Neill also coined the term
MINT
MiNT is Now TOS (MiNT) is a free software alternative operating system kernel for the Atari ST system and its successors. It is a multi-tasking alternative to TOS and MagiC. Together with the free system components fVDI device drivers, XaA ...
—
Mexico
Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
,
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
, and
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula in ...
—in order to differentiate among the variety of emerging economies. He plans to group this quartet as "growth markets" within the overall
BRIC
BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
nations. In January 2014, O'Neill presented a four-part documentary series on this subject for BBC Radio entitled ''MINT: The Next Economic Giants''.
Personal life
O'Neill grew up in
Gatley
Gatley is a suburb in the Metropolitan Borough of Stockport, Greater Manchester, England, 3 miles north-east of Manchester Airport.
History Toponymy
Within the boundaries of the historic county of Cheshire, in 1290, Gatley was known as ''Ga ...
and attended
Burnage Comprehensive and
Sheffield University
, mottoeng = To discover the causes of things
, established = – University of SheffieldPredecessor institutions:
– Sheffield Medical School – Firth College – Sheffield Technical School – University College of Sheffield
, type = Pu ...
, where he studied economics. O'Neill is an enthusiastic
football fan and played for the Bank of America's first team in London. He is a lifelong follower of
Manchester United F.C. and served as a non-executive director from 2004 to 2005, before the club was returned to private ownership.
On 2 March 2010, the
Red Knights, a group of wealthy Manchester United fans believed to include O'Neill, confirmed interest in a possible takeover of the club.
See also
*
BRIC
BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alte ...
*
Emerging and growth-leading economies
Emerging and growth-leading economies (EAGLEs) are a grouping of key emerging markets developed by BBVA Research. The EAGLE economies are expected to lead global growth in the next 10 years, and to provide important opportunities for investor ...
(EAGLEs)
*
Emerging markets
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or wer ...
*
Goldman Sachs
*
MINT (economics)
MINT is an acronym referring to the economies of Mexico, Indonesia, Nigeria, and Turkey. The term was originally coined in 2014 by Fidelity Investments, a Boston-based asset management firm, and was popularized by Jim O'Neill of Goldman Sac ...
References
External links
BBC Radio 4 - The New World - Fixing Globalisation - 6 January 2017Jim O'Neill asks if new challenges mean an end to the era of globalisation
Centre for Rising Powers University of Cambridge
The University of Cambridge is a public collegiate research university in Cambridge, England. Founded in 1209 and granted a royal charter by Henry III in 1231, Cambridge is the world's third oldest surviving university and one of its most pr ...
{{DEFAULTSORT:Oneill, Jim
1957 births
Alumni of the University of Sheffield
Alumni of the University of Surrey
English economists
Goldman Sachs people
Living people
Manchester United F.C. directors and chairmen
People from Cheadle, Greater Manchester
Conservative Party (UK) life peers
Life peers created by Elizabeth II
British Eurosceptics