Definition of the World Economic Forum (WEF)

What is the World Economic Forum? (WEF)

The World Economic Forum (WEF) is an international organization based in Geneva, Switzerland, which brings together its members of political and business leaders annually to discuss the main issues related to the global political economy. These include, but are not limited to, issues of politics, economics, social and environmental concerns.

Key takeaways

  • The World Economic Forum (WEF) is an international organization based in Geneva that analyzes issues relating to the global political economy.
  • The organization is funded through its own membership, which includes many prominent figures.
  • Every year, the WEF holds its annual meeting in Davos, Switzerland, and attracts important world leaders and thinkers.

Understanding the World Economic Forum (WEF)

The membership of the World Economic Forum (WEF) features a cross section of the global elite from the public and private sector, and includes some of the CEOs, diplomats, celebrities, media personalities, government officials, religious leaders and union representatives. highlights from around the world. the world.

Founded in 1971 in Geneva, the WEF has a mission based on what is known as stakeholder theory. Stakeholder theory proposes that while the role of a private sector entity is to increase profits for its shareholders, it is up to the organization to see that the rest of society has an interest in the shares of the company. Stakeholders, such as employees, customers the company serves, and the local and global community, must be considered when making key decisions.

Based in Switzerland, the WEF also has offices in New York, Beijing, Tokyo, San Francisco, and Mumbai. The most recent annual meeting in Davos was held as a virtual global gathering in January 2021, with an annual in-person meeting planned for August 2021 in Singapore under the theme “The Big Reboot.” The January 2021 meeting of the World Economic Forum in Davos brought together 1,700 people, but only virtually. Not surprisingly, many of the discussions for the year focused on the pandemic. Much of it focused on the fragility of the global supply chain that the pandemic revealed.

Activities of the World Economic Forum (WEF)

The WEF is funded by its own membership, which includes industry leaders, as well as people from all walks of life, including celebrities, journalists, and interested individuals who are willing to pay annual fees and meeting fees to attend. Regional meetings are held in developing countries such as Africa, East Asia, and Latin America, but the annual meeting in Davos, Switzerland, is the central gathering event for all members.

WEF meetings are intended to present new issues, trends and organizations to members and the public for discussion, and are believed to help develop corporate and public sector agendas for future decision making. The WEF also produces research in areas of interest to its members and helps guide collaboration and communication between the public and private sectors among its members.

Annual meeting of the World Economic Forum (WEF) in Davos

The annual meeting of the WEF in Davos, Switzerland, attracts some 2,500 people from more than 100 countries. The Davos meeting is generally covered by the world press, as previous Davos meetings have enabled government leaders from around the world to address issues of political conflict with each other, raising the stature of the annual meeting to that of a political forum. and economic. .

The idea that the Forum could help with global conflict resolution as well as promote its own best practices in business management was an early vision of WEF founder Klaus Schwab. Schwab, a German engineer and economist, now serves as executive chairman of the WEF.

The Davos WEF brings together business leaders, investors, politicians and journalists from around the world to discuss current global economic and social issues and takes place in January in the small ski town. The forum focuses on shaping global, regional and industry agendas and is among the most popular, attended, and high-profile events in the world.

The World Economic Forum (WEF) and the Great Reboot

An important theme in recent WEF publications and events is the concept that the global economic, political and social order must undergo a “great reset” in the face of recent trends in society, technological progress, environmental concerns and resulting economic destruction. of the response to the COVID-19 pandemic. These dialogues, meetings, and topics are based in part on Klaus Schwab’s 2020 book: COVID-19: The Big Reboot.

The Great Reset includes a wide range of suggested reforms linked to economic, social, geopolitical, environmental and technological concerns. The economic restart requires updating the way gross domestic product (GDP) is measured to include domestic and digital work, redistributing income and growth gains, and incorporating the resilience of social institutions into measurements of health and economic performance.

The social reset demands a massive redistribution of wealth and reduced competition, creative destruction, and economic growth in favor of collective goals, government control, and social welfare. The Great Resettlement agenda emphasizes various social justice issues in its defense of structural reforms and redistribution.

The Great Reboot has generated significant controversy as the implications of this agenda have been made public. Beyond the general opposition between those who favor free enterprise and oppose the radical reconstruction of society, there have been several apparent errors on the part of the WEF that have led to the removal or republication of posts and social media posts. Critics have argued that these statements suggested that under the Great Reset people will have nothing or privacy and described the economic devastation inflicted on urban economies by COVID-19 as an improvement.

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Mark Holland

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