The world’s political and economic elite are descending on the small Swiss Alps town of Davos this week for the annual World Economic Forum meeting where they hope to set this year’s “global, regional and industry agendas.”
Approximately 3,000 people will be attending this year — from President Donald Trump to German Chancellor Angela Merkel to climate change activist Greta Thunberg — and the theme is Stakeholders for a Cohesive and Sustainable World.
The convention of the most powerful comes at time, however, when global income inequality is soaring and a majority of people believe capitalism in its current form is not working. Here is what to expect from this year’s conference.
‘Stakeholder capitalism’
The WEF explains that this year’s theme is about using “stakeholder capitalism,” or a system where the interests of all stakeholders are weighed equally, as a means “to overcome income inequality, societal division and the climate crisis.”
“Business has now to fully embrace stakeholder capitalism, which means not only maximizing profits, but use their capabilities and resources in cooperation with governments and civil society to address the key issues of this decade,” forum founder and executive chairman Klaus Schwab said in a statement.
“They have to actively contribute to a more cohesive and sustainable world,” he added. Issues like climate change and “fairer economies” are at the top of the agenda this year.
The invitation-only guest list has expanded to welcome young activists including 17-year-old Greta Thunberg and others in addition to the usual crowd of the ultra-wealthy.
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