'Davos is WEF…ie World Economic Failure'

It was a photo in the Financial Times that spelled out the image problems faced by the World Economic Forum (WEF) in Davos. Activists stomping around the magic mountain held up a banner saying WEF really stood for World Economic Failure.

As they say, the grousers will grouse, but the big problem faced by Davos is the numbers who will believe it really is the epitome of hypocrisy, the place where deals are made to keep the rest of us down.

For 52 years, this Swiss town has served as an annual celebration of globalisation — in 2018, Davos was on Globalisation 4.0 — ably steered by WEF founder Klaus Schwab.

Mr Schwab, who is soon to celebrate his 85th birthday, seemed to be living proof that all good things come to those who dare. He took $6,000 in startup capital and made it a $390-million-a-year business.

Like its founder, Davos prospered. It was the ultimate idea, a global promise that a party attended by the international elite would solve global problems. In 2023, the promise sounds abo…