Do you Davos?
Issue 102 - 24 May 2022 (7-min read)
The global elite has gathered at Davos this week and we’re trying to see if any good will come out. This week, The Global Tiller reviews the ongoing World Economic Forum. We’ll take a look at what’s on the agenda and who is in attendance. Why are the "A-listers" avoiding the gathering and if it’s still relevant in a world suffering from stark global inequalities?
The World Economic Forum’s Annual Meeting 2022 is taking place in-person this week after nearly two years and is centred around the theme 'History at a Turning Point: Government Policies and Business Strategies'.
The top agenda item for this week is the invasion of Ukraine, whose president Volodymyr Zelenskiy has called for tougher sanctions against Russia. On the other hand, Russian leaders have not been invited to the meeting and the traditional Russia House at Davos has been converted into an art exhibit documenting war crimes by Russian troops. Other top agenda items include the climate crisis, which has only gotten worse since these leaders last met, and Covid, which is still disrupting economies.
The extensive plan for this week also includes discussions on rebuilding societal trust, responsible AI, cybersecurity, global food crisis, mental health, gender equity, economic sanctions, future cities, digital currencies, migration, energy and more. A whole lot of important conversations are scheduled to happen but not all the important people are going to be present.
According to the World Economic Forum, a total of 50 heads of states are expected to be at Davos but this does not include the heads of advanced economies, such as the United States, China, France, Germany, Russia, India, etc. A lot of them are putting out fires at home and schmoozing with the rich and fancy in a remote Swiss town, while people at home struggle to fill up their cars with petrol, is perhaps not a good look.
And that’s part of the reason why Davos is increasingly losing its charm. It has been criticised in the past for bringing together the wealthiest around the world — 10% of whom are responsible for almost 50% of global carbon emissions —to pay mere lip service to climate action. Climate activists have shown that the lifestyles of the same types of elite, who propose big solutions to global warming at Davos, are standing in the way of bending the global emissions curve.
The forum has also been criticised for stopping short of addressing the root causes of global problems, likely because it hurts the interests of its primary audience. It has failed to challenge those who stand against its values of globalisation, and continues to host several CEOs who made millions of dollars during the pandemic to share their solutions to tackling global inequality. In fact, the Zambian president is already feeling the heat from his citizens, who are questioning his policy to lower corporate taxes while the vast majority of the population suffers crushing poverty. He may assure his population that he is not "an agent of imperialism" but Davos represents exactly that.
Yet, it may be naive to dismiss its relevancy in our world that still thrives on elite-led solutions. If major decisions about our future rest in the hands of a few, it may be crucial that Davos creates a space where all stakeholders can at least come together. This forum does have significant projects under its belt. The New Development Bank — established by BRICS nations to better utilise their economic resources for large-scale infrastructure — was conceived at Davos in 2011. Gavi Vaccine Alliance also owes its origins to Davos 2000. As The New York Times put it:
"no global gathering can compete with Davos for the sheer concentration of influential, exceptionally connected power brokers with the ability to turn “eureka” moments into tangible, actionable, long-term policies that truly affect everyday life."
A rare moment of self-reflection taking place at Davos right now is perhaps the #TaxMeNow protest led by Patriotic Millionaires, who claim that the only solution to gross inequality is to tax the rich. Given Jeff Bezos’ recent spat with US President Joe Biden on inflation, it’s safe to assume Patriotic Millionaires is not open to billionaires but this protest could spark some changes in corporate tax structures around the world.
We may have to agree with the organisers of the World Economic Forum that this is event is taking place at a watershed moment in history but we’re not entirely sure if this year will mark the pivotal moment in which the world elite came together to actually do something about the issues facing us, or if it marked the last breath of globalisation as we know it.
Until next week, take care and stay safe.
Hira - Editor - The Global Tiller
Dig deeper
Carbon emissions are 60% higher than they were in 1990, when the first IPCC report was published. This is a symptom of a highly unsustainable political economy.
…and now what?
How do you change the world? If there was an easy answer to this, we wouldn’t be where we are today, right?
So, why do I ask the question? Because when looking at how things change in the world, it seems that there have always been two ways humans have proceeded:
Breaking down things: from revolutions to the “move fast and break things” of the Silicon Valley, change has often been brought through ruptures, opposition and power grabs.
Working it out: change has also come through dialogue, non-violent action, the long and hard work of listening and finding compromise to reach solutions, one step at a time.
The first one seems way more efficient: tech is running our world now and this happened in less than a generation. But where did it take us? Many communities are now broken as a result, and there is no positive evolution in sight. As for revolution, I can say this based on my French origins, our kings may become quite light headed when thinking of getting back to power but the country is still reeling, handicapped by a persistent opposition between different sides.
The second one has been proven more efficient even if, intuitively, sheer force appears to be more impactful. From my understanding, the Truth and Reconciliation commissions in South Africa and the Solomon Islands were game-changing. Even the Paris Accord is an example of comprise and collaborative work. Yet even these two projects are still struggling in the aftermath.
It seems there is no real solution to changing the world. We’ll have to figure it out as we go, basically, but I’m thinking of these two options when I’m looking at Davos.
One part of me wants to take down this world of privileged people and their feel-good summits where they pretend that they care only to fly back with their jets and fight against unionisation, turn a blind eye to child labour and bury their pollution records through subsidiaries. Looking at their track record, they should not be allowed to talk anymore.
But, I have to admit, they hold the reins of power: politically and economically. And if we don’t work with them, if we don’t take them on board, we may never succeed. So, how do we move forward? How do we change a world in which Davos remains an important place and an important voice of influence?
As the Judo philosophy goes: use the strength of your enemy to succeed. Perhaps one way to go forward is to entice those who hold power with benefits for them, but those that also make our world more equitable and just.
We may feel powerless as individuals while looking at Davos but we can use our buying power, our voting power and our power to question. It may be slow, but one slow step in the mud is better than no step at all. Change can only come if everyone is included, even those we struggle to accept because, as Nelson Mandela said, “resentment is like drinking poison and then hoping it will kill your enemies.”
Philippe - Founder & CEO - Pacific Ventury