Is the Davos World Economic Forum useful?

For the first time since 2020, the Davos meeting is back in session. From January 16 to January 20, top decision-makers from government, business, and civil society (let’s call them “celebrities”) are supposed to address major global issues and priorities for the year ahead.

That’s the idea, but the reality is that the 2.500 to 3,000 people making that trip are primarily flocking to the Swiss resort to promote themselves and their self-interests. I wasn’t invited, so I didn’t go, besides I prefer skiing Park City over Davos! 

Yet, it’s useful to remember that the get-together was founded in 1971 as the European Management Forum by Klaus Schwab, a business professor at the University of Geneva. In 1987 it changed its name to the World Economic Forum in an effort to broaden its scope. 

Today, the forum’s goal is to improve the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Since the last get-together, much has happened in the world; relations between the US and China are worse than they were then. The pandemic has made countries much weaker and nervous and the golden age of globalization is now under siege. So what we expect this summit to accomplish, if anything? 

With no executive power whatsoever it’s more of a gigantic global talking shop at which world leaders take the opportunity to rub shoulders with each other and industry leaders can make deals behind closed doors. Just don’t count on it to improve your daily lives...