Parody-defying World Economic Forum must do better
It’s that time of the year when the world’s financial and business “elite” gather in an expensive Swiss ski resort to drink champagne and declare that they are terribly worried about global inequality. This parody-defying event is the World Economic Forum in Davos and, to create the correct veneer of earnest contemplation, the organisers publish an assessment of the risks they think the world faces.
This year they have noticed “the growing mood of anti-establishment populism”and judge that reviving economic growth, which has been their cure-all for as long as anyone can remember, may no longer be enough to “remedy fractures in society.” That is why “reforming market capitalism must also be added to the agenda”.
Great, so what’s the big idea? Well, it’s really just a list of objectives. Try number one: “Fostering greater solidarity and long-term thinking in market capitalism.” You can’t beat a bit of fostering of solidarity, of course, but how, precisely, do you think this might achieved? You’ll scan the 70-page document in vain if you’re hoping for details. Chief executive pay – a burning issue not only in the UK – gets a passing reference, but only in the context of noting that it has increased “as firms have become larger”.
It’s easy to sneer, of course. Some people return from Davos claiming to have been stimulated, and not just by the hospitality of the 120 (count ’em) sponsors, mostly multinational companies. But can anyone recall any vaguely memorable – or even heretical – pronouncements from last year’s event? The only lasting impression is of how unfractured is the society of millionaire bosses enjoying each other’s company at shareholders’ expense. Please, one of you, use next week’s forum to point out the absurdity of Davos.
China’s President Xi Jinping will promote “inclusive globalization” at this month’s World Economic Forum (WEF) in Davos and will warn that populist approaches can lead to “war and poverty”, Chinese officials said on Wednesday.
This year’s forum, from Jan. 17-20, is expected to be dominated by discussion of a surge in public hostility toward globalization and the rise of U.S. President-elect Donald Trump, whose tough talk on trade, including promises of tariffs against China and Mexico, helped win him the White House. Trump will be sworn in on Jan. 20.
Xi is the first Chinese president to ever attend the WEF’s annual forum in Davos, which brings together top-level political and business leaders.
Jiang Jianguo, head of the State Council Information Office, told a symposium hosted by the World Trade Organization in Geneva that President Xi would go to Davos to push for development, cooperation and economic globalization in order to build “a human community with shared destiny.”
“With the rise of populism, protectionism, and nativism, the world has come to a historic crossroad where one road leads to war, poverty, confrontation and domination while the other road leads to peace, development, cooperation and win-win solutions,” Jiang said.
Rising inequality and social polarisation are set to shape world developments for the next decade after contributing to Britain’s decision to leave the European Union and the ballot-box success of US president-elect Donald Trump, the World Economic Forum says.
Climate change was underlined as the third major global trend in the WEF’s annual assessment of global risks, published on Wednesday at an event at Bloomberg’s European headquarters in London. It said world leaders must work together to avoid “further hardship and volatility in the coming decade.
“There’s a wide array of potential threats; growing social and political turmoil, potential business interruptions which could stem from inter-state conflict, from social instability, terrorist attacks,” John Drzik, president of global risk at Marsh USA, which contributed to the study, said in an interview.
“This whole social and political context creates the potential for disruption.”
A weak economic recovery following the global financial crisis has widened the gap between rich and poor, fuelling a sense of “economic malaise” that’s led to the rise of populist parties, according to the report.
While Brexit and Trump were the highest-profile signs of an anti-establishment backlash in Western democracies, the evidence extends far wider, with support growing for far-right parties in Germany, France, Italy and the Netherlands among others.
the annual hot air festival for elites and other various psychopaths..
“Great, so what’s the big idea? Well, it’s really just a list of objectives. Try number one: “Fostering greater solidarity and long-term thinking in market capitalism.” You can’t beat a bit of fostering of solidarity, of course, but how, precisely, do you think this might achieved? You’ll scan the 70-page document in vain if you’re hoping for details. ”
about sums it up..
even china rolled up..
“Xi is the first Chinese president to ever attend the WEF’s annual forum in Davos, which brings together top-level political and business leaders.”