World economic forum
and regulations about what companies can and cannot do. In order for us to have a smoother, better operating system it makes sense for us to have those conversations on a global level, otherwise the world’s economy stays stuck.” Stakeholder capitalism – which works for the benefit of all, rather than just shareholders – is Schwab’s big idea. But that hardly means it’s new. Rather, it is simply gaining more traction in light of the pandemic, climate change, political nationalism, growing inequality and other hot-button global issues. “Klaus has an idea that business is about more than just making money,” says Monck. “The other side is trying to warn people about long-term risks. The Great Reset is really about saying we are challenged by Covid-19 and what it is doing to people’s livelihoods, to economies and to the global economic system, so when we think about the future can we please think about putting people first.”
Perception management
The WEF may never convince die-hard conspiracy theorists that its intentions are benign, but then again in the age of social media that would be impossible. Its biggest challenge is to persuade more of the general public that the discussions in the tightly guarded and exclusive community of Davos are driven by the greater good rather than self-interest. Burke-White at Brookings, who fully understands the WEF’s public image problem, nevertheless feels that, while its mechanics are not perfect, its work is vital.
“Davos does serve an important networking function and it is hard to do that without a perception problem,” he says. “To some extent, it trades on its image of billionaires and world leaders meeting. But it does not get enough credit for being a think tank and having many research councils. WEF is not a global government that can do what it wants. It cannot set the global agenda, but it brings together people with wealth and influence to talk about big ideas.” “We need the WEF more than ever because the biggest challenges need businesses to come together,” Burke-White adds. “For Covid, you need Pfizer and the other big pharma companies at the table. For refugee flows and migration, you need the airlines at the table. For climate change and energy transition, you need the big energy companies and you can’t address cybersecurity issues without Facebook, Google and the other big tech companies talking to each other. You need meaningful participation from the corporate world.” For Burke-White, then, Davos links idea generation with people from government and the private sector, though he would like to see more
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people from the non-profit sector attending the meetings to inject new ideas.
“Davos really needs to tell its story better,” he believes. “It needs to tell people that what matters is not so much the people who are in the room, but why they are in the room. It is to address the biggest challenges in the world today – problems that are beyond the control of national governments.” In a way, the WEF plays on a tension between two concepts. One is legitimacy, which, given the exclusivity of the attendees and their disproportionate power and influence, is low. There is a disconnect between the attendees and the people affected by the problems they are discussing. The second concept, Burke-White suggests, is effectiveness.
Opposite page: Klaus Schwab, founder and executive chairman of the World Economic Forum, in Davos.
“In order for us to have a smoother, better operating system it makes sense for us to have those conversations on a global level, otherwise the world’s economy stays stuck.”
Adrian Monck, WEF
“If you ignore legitimacy, then you need to be hugely effective,” he explains. “That is a high-risk strategy, but big companies may have the answers or the capacity to address an issue like climate change, so you need some way of getting them involved.” If the WEF’s weakness is how it is perceived in the world at large, then the Great Reset has fuelled that problem. Its rhetoric can provoke knee-jerk reactions, and its language can mask the sound ideas it espouses – the creation of a resilient, equitable and sustainable global economy. Saying that capitalism should serve multiple ends, not just shareholder profitability, is undoubtedly a worthy sentiment. It remains to be seen whether the world will accept Davos and The Great Reset initiative as the vehicles to deliver it. ●
20% The Reuters Institute 19
The percentage of politicians, celebrities and public figures that accounted for misleading posts online.
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