“So the big corporations should be ‘trustees of society’ and the main force in solving “today’s social and environmental challenges”. We need to replace ‘shareholder capitalism’ which is the dominant model right now. That’s because “the single-minded focus on profits caused shareholder capitalism to become increasingly disconnected from the real economy. Many realize this form of capitalism is no longer sustainable.” Also there is a popular reaction to the failure of ‘shareholder capitalism’ to deal with rising inequality of income and wealth, climate change and environmental disasters and the impact of new technology. Stakeholder capitalism instead, according to Schwab, can “bring the world closer to achieving shared goals”.
Stakeholder capitalism – that’s the way to ‘shape’ capitalism into something inclusive of all. That was the message of Klaus Schwab, the co-founder of the World Economics Forum (WEF), now in its 50th year with its annual jamboree in Davos, Switzerland.
Schwab was professor of business policy at the University of Geneva from 1972 to 2002. Since 1979, he has published the Global Competitiveness Report, an annual report assessing the potential for increasing productivity and economic growth of countries around the world, written by a team of economists. During the earlier years of his career, he was on many company boards, such as Swatch Group, Daily Mail Group, and Vontobel Holdings. He is a former member of the steering committee of the notorious Bilderberg group. This group has an annual conference established in 1954 to bolster a consensus among elites to support “free market Western capitalism” and its…
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