World Economic Forum
The World Economic Forum (WEF) was founded in January 1971 as a non-profit organisation. The World Economic Forum (WEF) is based in Cologny-Geneva, Switzerland, and was founded with the goal of improving global conditions. The European Management Forum was the previous name of this organisation.
ABOUT• The World Economic Forum is the International Organization for Public-Private Cooperation.
• The Forum brings together the world's most influential political, business, cultural, and other leaders to influence global, regional, and industry agendas.
• The World Economic Forum (WEF), formerly known as the European Management Forum, was founded by Klaus Schwab in 1971.
• In 1987, the organisation renamed itself the World Economic Forum with the goal of providing a platform for resolving international conflicts.
• It is self-contained, unbiased, and unaffiliated with any special interests.
• The Forum strives to demonstrate entrepreneurship in the global public interest while adhering to the highest standards of governance in all of its endeavours. Everything it does is based on moral and intellectual integrity.
• The activities are shaped by a distinct institutional culture based on the stakeholder theory, which states that a company is responsible to all members of society. The institution carefully blends and balances the best of public and private sector organisations, international organisations, and academic institutions.
• It believes that progress is made by bringing people from all walks of life together who have the desire and power to effect positive change.
• The Forum's strategy is straightforward and effective: bring together the most influential leaders from all sectors of global society to identify the most effective solutions to the world's most pressing problems.
• It's effective. The Forum has sparked global initiatives, historic shifts, industry breakthroughs, economic ideas, and tens of thousands of projects and collaborations for nearly 50 years.
• Stakeholders for a Cohesive and Sustainable World is the theme for 2020.
• The World Economic Forum in 2021 will be held in Singapore from August 17 to 20. (impact of Covid-19).
IMPACT
• Increasing awareness and collaboration
The Forum has a significant impact by bringing together leaders from business, government, international organisations, academia, civil society, and youth to collaborate on positive change.
• Changing people's minds and agendas
Government priorities, business strategies, and public opinion are all influenced by our flagship reports, policy frameworks, and strategies.
• Encouraging group action
Millions of people are impacted by the Forum's projects and collaborations, which range from saving lives through childhood vaccination to increasing the productivity of small-scale farms.
GOVERNANCE
• Professor Klaus Schwab is the founder and executive chairman of the company.
• Trustees: Outstanding individuals who serve as guardians of the Forum's mission and values, as well as oversee the Forum's efforts to promote true global citizenship. Its membership is evenly split between business representatives and leaders from international organisations and civil society.
• Managing Board: serves as the WEF's executive body and represents the organisation to outside parties.
• Every year, the organisation holds six to eight regional meetings in Africa, East Asia, and Latin America, as well as two additional annual meetings in China, India, and the United Arab Emirates.
• It was an observer at the United Nations Economic and Social Council until 2012, and it is now supervised by the Swiss Federal Council.
ANNUAL MEETING IN DAVOS
• The World Economic Forum's flagship event is an invitation-only annual meeting held in Davos, Switzerland, at the end of January, bringing together CEOs from its 1,000 member companies, as well as selected politicians, representatives from academia, NGOs, religious leaders, and the media in an alpine setting.
• The winter discussions are ostensibly centred on key global issues (such as the globalization, capital markets, wealth management, international conflicts, environmental problems and their possible solutions).
• Role-playing events, such as the Investment Heat Map, are also held for the participants.
• Informal winter gatherings may have generated as many ideas and solutions as formal sessions.
SOME MAJOR REPORTS PUBLISHED BY WEF
• Energy Transition Index.
• Global Competitiveness Report.
• Global IT Report (WEF along with INSEAD, and Cornell University publishes this report).
• Global Gender Gap Report.
• Global Risk Report.
• Global Travel and Tourism Report.
THE GREAT RESET INITIATIVE OF WEF• In the post-Covid world, the Davos Dialogues agenda marks the start of the World Economic Forum's Great Reset Initiative.
• The World Economic Forum's (WEF) Great Reset proposal aims to rebuild the economy in a sustainable manner following the COVID-19 pandemic.
• It was unveiled in May 2020 by Prince Charles of the United Kingdom and World Economic Forum director Klaus Schwab.
• It is founded on the belief that the global economy is in serious trouble.
• Many factors have exacerbated the situation, including the pandemic's devastating effects on global society, the unfolding technological revolution, and climate change's consequences.
AGENDA
• Every aspect of our societies and economies, from education to social contracts and working conditions, must be overhauled collectively and quickly.
• Every country must participate, and every industry must be transformed, from oil and gas to technology.
• In summary, capitalism should undergo a MAJOR RESET.
• According to C Raja Mohan (Director, Institute of South Asian Studies, National University of Singapore), the agenda of The Great Reset touches on many of the world's most pressing issues.
• Here are a few of them:
1. The first is the issue of capitalism reform.
The World Economic Forum has been at the forefront of advocating for "stakeholder capitalism," which goes beyond traditional corporate profit maximisation.
2. Second, focusing on the escalating climate crisis is unquestionably appropriate.
Climate sceptics have been kicked out of Washington, and President Biden has re-entered the 2015 Paris Climate Accord.
3. The third point to consider is the increasing difficulty of global cooperation.
The era of great power harmony that accompanied the global economy's liberalisation at the turn of the century has given way to fierce competition. Not only is the competition political, but it is also becoming increasingly economic and technological.