World Economic Forum


If the global elites at Davos see inequality as the problem, what’s their solution? | 

Davos, World Economic Forum
World Economic Forum

This week, the advocacy group Oxfam released a report that generated some stunning headlines, mostly around one shocking statistic: “85 richest people as wealthy as poorest half of the world” was typical.

The Oxfam report Working for the Few quoted former US Supreme Court Justice Louis Brandeis: “We may have democracy, or we may have wealth concentrated in the hands of the few, but we cannot have both.”

Everyone knows the richest today are fabulously wealthy and even Oxfam accepts that some level of inequality is necessary – and good, as a reward for innovation and initiative. But… Continue reading

Did anything that matters (to the rest of us) happen in Davos? | 

Davos, World Economic Forum
World Economic Forum

Somehow, I was not invited to the prestigious and exclusive World Economic Forum in Davos this year.

Many other members of the media were there along with the corporate executives, politicians, celebrities, cautiously happy bankers, an anxious Shimon Peres complaining that the world is becoming ungovernable and some topless Ukrainian women protesters who were there but not invited. Among the missing (besides me) were top officials from the Obama Administration and a strong sense of moral purpose, or much purpose at all. To wit:

The Economist said Pretty Much No One Believes in Davos anymore, adding in a different column this observation:

“Ordinary folk trust Davos Man no more than they would a lobbyist for the Worldwide Federation of Weasels.Continue reading

The history of being the first in history to end poverty | 

Britain's Prime Minister Cameron speaks during the annual meeting of the World Economic Forum in DavosPoverty persists, as does the tendency over the last century for politicians and others to say that society is finally on the cusp of ending it. British PM David Cameron just said it this week at the World Economic Forum in Davos:

“We can be the generation that eradicates absolute poverty in our world.”

Yes, we can – just like we can also be the generation that ends hunger or AIDS, injustice or maybe even large-scale warfare. Actually doing it, however, is a bit harder than pointing out it is theoretically possible.

Owen Barder, an expert on the fight against poverty at the Center for Global Development, has compiled an historical list of those who have, over the past century, said pretty much the same thing. Starting with Cameron, he works his way backward in time quoting Jeff Sachs, Henry Kissenger, John F. Kennedy all the way to Woodrow Wilson. Funny. Sad. Read it.

Does Davos matter? In a good way, I mean. | 

World Economic Forum

News analysis

The World Economic Forum opened today in Davos, Switzerland.

I wasn’t invited. Neither were you, in all likelihood. Bill Gates always is and will make his standard pitch for assisting the world’s poorest.

For decades, the global political and business elite have gathered at the WEF meeting to discuss, deliberate and declaim on all manner of issues.

Economics can pretty much incorporate any issue it wants, given either the scope of this ‘dismal science‘ or perhaps its increasingly unwieldy definition as to what it is economists actually do. So people here talk about almost anything.

Unless they don’t want to.

Last year, I noted that a significant number of participants and pundits asked if Davos was even relevant anymore.

Al Jazeera

Today marks the one-year anniversary of the spread of the Arab Spring from Tunisia to Egypt. Yet at last year’s hobnob gathering of the upper one percentile, nary a peep was heard about this world-changing popular revolution. Even weirder, WEF was celebrating Muammar Gaddafi’s son Saif as one of the world’s top model young leaders.

Some said then that WEF at Davos had become worse than irrelevant given that many of these who come here to talk about finding economic solutions to the global meltdown actually built the fire — and are those who continue to profit from the global inequity they say they want to fix.

One of the most newsworthy (and kind of funny) moments last year was when mega-banker CEO Jamie Dimon of JPMorgan Chase complained about people picking on bankers. The reaction Dimon provoked only provided more evidence, many said, of how clueless are the elite at this meeting.

Since then, the Occupy Movement has emerged like an angry swamp blob, with about as much clarity of purpose say its critics.

But Occupy is now in Davos to greet the elite, a sign of the times. Meanwhile, Desmond Tutu is there also, trying to get people to stop pointing fingers and instead work together to actually solve problems. Continue reading

Not Davos: The World Economic Forum in Africa | 

World Economic Forum

Another World Economic Forum meeting is underway.

This one is not located at the Swiss ski resort town of Davos, features few celebrities like Bono and is garnering much less media attention. It’s the WEF on Africa, in Cape Town, South Africa, this year.

A few stories:

BBC: Kofi Annan warns that Africa is at risk of squandering current economic growth

Guardian: Botswana is a success story showing power of public-private partnerships

South Africa, Independent Online: Africa can use the world’s challenges to its benefit

South Africa, Business Day: Africa’s development is unbalanced

Bloomberg: Sub-Saharan Africa’s economic outlook ‘quite positive’

Davos elite no longer consider Gaddafi’s son a model young leader. | 

Al Jazeera

At first glance, I thought this must be a spoof from Jon Stewart’s Daily Show or The Onion.

But no, it appears to be a real press release from the World Economic Forum’s “Young Global Leaders” program.

After the son of the Libyan dictator threatened “rivers of blood” if the popular protests continued, the WEF announced “Saif Al Gaddafi suspended from the Forum of Young Global Leaders.”

That’ll teach him! Continue reading

How (ir)relevant was Davos this year? | 

World Economic Forum

Well, Bill Gates did get some public attention and additional money for the ongoing global campaign to eradicate polio while hanging out with the rich and powerful at the Swiss ski resort.

Among the other issues discussed by members of the global elite who gathered at the World Economic Forum this year, some pondered the connections between wealth and happiness, finance ministers promised to stabilize the euro, a writer for Forbes attending the invite-only affair complained about being excluded from the inner-inner circle and the Economist’s Matthew Bishop’s described playing at being an oppressed refugee. Said Bishop:

“The activity was worthwhile, stimulating serious conversations about how to address a serious problem.”

At first, I read that as “simulating” a serious conversation since Bishop made no mention of perhaps the world’s most serious problem — the turmoil rocking Egypt and much of the Arab world. Continue reading

Bill Gates gives, and gets, more money for polio eradication while at Davos | 

World Economic Forum

Bill & Melinda Gates at Davos 2010

Bill and Melinda Gates are big believers in vaccines and in the benefit of eradicating, rather than simply controlling, those human diseases that have the potential for being completely wiped out.

Today, Gates and British Prime Minister David Cameron announced a combined new donation of $166 million in support of the global polio eradication campaign.

They’re at at a Swiss ski resort in Davos meeting with the other rich and powerful folks invited to attend the World Economic Forum. Continue reading