Capitalism's equations may be reset in the coming years. The Davos WEF 2017 meet was an indicator.
Capitalism and Davos in Trump’s time
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The World Economic Forum (WEF) is a Swiss Non-profit (NGO), established in 1971 by Klaus Schwab, with the motto “Committed to improving the state of the world”. Over the years, the Davos WEF meet has become the meeting point for richest elite and political leaders of the world, who control today’s economy and politics. WEF is the ultimate champion of “free trade” and “globalisation”. That is also the source of criticism. In 2017, the global economy started recovering on many fronts (1) Oil prices, (2) Stock prices, (3) China’s internal slowdown etc.
However, major realignments in world politics and economy are scaring the elite. President Donald Trump’s perspective is not status-quoist, and a lot can change. And then, Brexit! After 1945, the US worked hard to create a “World Order” that was liberal & democratic. Suddenly, worldwide, there are huge reactions to that world order. That is “populism”. The patterns of change are unknown. Huge or Catastrophic – only time will tell! China snapped the opportunity, and President Xi Jinping came for the first time. This is a clear signal China wants to protect the globalisation patterns that made it rich, and strong. Major challenge for the world elites – public has lost a lot of faith in institutions that were supposed to protect them from wealth inequalities. World never was more unequal. The global financial crisis (recession / US housing crisis) shocked the world in 2008/9. Europe’s migrant crisis in 2015/16 added fuel to the disbelief fire. One thing is clear – Globalisation as it was through 1980s-2016, will not be so in the future.
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