- The major theme of this year’s World Economic Forum was ‘the intelligent age,’ an emphasis on global cooperation and maintenance of technological resilience and global security.
- India had its biggest-ever representation at the World Economic Forum and four states in Telangana, Andhra Pradesh, Maharashtra, and Uttar Pradesh represented the country.
- Critics argue that being an NGO, the WEF should not wield too much power over the world’s economy and in other significant happenings.
- Schwab’s idea of ‘The Great Reset’ for economic recovery is seen by many as promoting an agenda that seeks to capitalize on the crises to concentrate power and wealth at the multinational corporation level and advance technocratic control.
The World Economic Forum, a global, independent, think tank operating from Geneva, Switzerland, has ended its annual summit in Davos. The major theme of this year’s World Economic Forum was ” the intelligent age ” an emphasis on global cooperation and maintenance of technological resilience and global security. 3,000 global leaders coming from 130 countries, including politics, business, academia, and civil society representatives at this summit in Davos. The main themes discussed at the World Economic Forum revolved around such questions as how new technologies could be used responsibly, how society and the economy can be strengthened, how the planet can be preserved, and how regional and global security can be protected.
The issues talked about at the World Economic Forum ranged from technological innovation to climate change and economic resilience. Many of the discussions centred on the responsible use of new technologies such as artificial intelligence, the transition to green energy, and the creation of equitable economic systems. Leaders at the forum also discussed geopolitical stability, global security, and reducing inequality by accelerating access to education, healthcare, and resources, particularly among underprivileged communities. Besides these, talks were also conducted on international partnership building, sustainability promotion, and inclusive growth. World Economic Forum also saw the presence of global leaders including Trump recently took oath as the President of the USA.
World Leaders at WEF
Though Trump did not personally attend the summit, he participated virtually and spoke at the forum. He pointed out that during his rule, he would attempt to bring back peace and stability during the war between Ukraine. Vice Premier of China, Mr. Ding, explained that countries should look away from the protectionist approach and avoid war in trade policies. This comment was important since it seemed like a concern with the new US administration’s stance on protectionism, such as increasing tariffs on certain countries, for example, China. The President of the European Commission, Ursula von der Leyen, emphasized her administration’s aim to develop within Europe, mentioning this as a way it has countered the expensive rise in oil prices because of strained relations with Russia. She added that Europe has been buying the same amount of oil from other countries, leading to higher prices.
In addition, the UN Secretary-General, António Guterres, addressed geopolitical challenges from Sudan and Ukraine to West Asia, asking for peace and respect for sovereignty and national integrity. The Ukrainian President was also represented at the summit and asserted that Europe should promise peace and never compromise for the sake of allies. Malaysia Prime Minister, Anwar Ibrahim, mentioned that Asia is, currently one of the safest continents, emphasizing growth and prosperity.
India at Davos
India had its biggest-ever representation at the World Economic Forum and four states in Telangana, Andhra Pradesh, Maharashtra, and Uttar Pradesh represented the country. India also brought in five ministers of the central government. With such representation, India managed to get the maximum investments at Davos to the tune of a whopping ₹20 lakh crore. Maharashtra managed MoUs worth ₹15.70 lakh crore that deals with sustainability and energy sectors. Tamil Nadu also received various investment proposals to be finalized following threadbare discussions. MoUs worth ₹1.78 lakh crore were signed for Telangana, and with this, it is estimated to generate employment opportunities for 49,550 persons. Major investments in Telangana include Amazon’s AWS with ₹60,000 crore and Sun Petrochemicals with ₹45,500 crore. Andhra Pradesh’s Chief Minister Chandrababu Naidu met with heads of nearly 15 top global companies and discussed cooperation with Microsoft CEO Bill Gates. These investments are expected to boost infrastructure, sustainability, energy, and job creation across these states.
WEF an Elitist Agenda?
Critics argue that being an NGO, the WEF should not wield too much power over the world’s economy and in other significant happenings. They argue that, though well-placed and powerful, the WEF still lacked the accountable mechanisms of an elected institution, and therefore could not enforce any change of substance. Even when the WEF suggests adjustments, critics contend that these only rarely touch upon the root issues because the forum is not elected and does not have to account for the people. In addition, despite holding grand discussions on the world economy, the WEF has never been able to solve the thorny problems, such as disruption of supply chains, inflation, and the recession currently plaguing Europe. Geo-political crises, from politically motivated protests and instability within several countries, also highlight this gap between ideas in theory put forward by WEF and practice. Critics hold that the work of the forum is largely only confined to debating within its four walls and does not bring much change in the outside world.
Klaus Schwab as the founder and Executive Chairman of the World Economic Forum (WEF) has said controversial things entailing what his critics call elitist tendencies. For instance, he said, “You will own nothing and you’ll be happy,” where critics see a vision of how the resources would end up being controlled by the elite, leaving the ordinary man a mere passive consumer. Schwab has said that in the future, people will be able to “personalize their own bodies,” a comment that stirs ethical concerns about body autonomy and the creation of a divide between the wealthy elite who could afford such biotechnological enhancements and the rest of society. Schwab further declared, “There is no longer any dividing line between the physical, digital, and biological worlds.” He believes these realms are being interconnected through technologies such as AI, biotechnology, and the Internet of Things. Critics argue that this could lead to the rise of surveillance states, erosion of privacy, and an unaccountable concentration of power among those controlling these technologies, thus undermining individual freedoms and democratic structures.
Schwab’s idea of “The Great Reset” for economic recovery is seen by many as promoting an agenda that seeks to capitalize on the crises to concentrate power and wealth at the multinational corporation level and advance technocratic control. Schwab’s thrust towards solutions for global challenges focusing on technological innovation seems to lend support to elites rather than elected Governments with decision-making power. He’s also been accused of promoting “globalism” by focusing on international cooperation and undermining national sovereignty and democratic processes. Such commentary from Schwab, who writes within the confines of COVID-19: The Great Reset has attracted criticism because these statements shift the primary mandate of public transformation away from the people and toward corporate and political elites. It has further branded Schwab as proposing a technocratic, elitist world order that could mark the erosion of individual freedoms and sovereignty.
References:
- https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/
- https://www.business-standard.com/world-news/trust-talent-attracting-investors-to-india-ashwini-vaishnaw-at-davos-125012401449_1.html
- https://thefinancialtechnologyreport.com/wef-speaker-warns-great-reset-agenda-will-spectacularly-fail-without-proper-crypto-regulation/
Aayush Pal is a freelance writer on contemporary geopolitical developments. The views expressed in his work are entirely his own.
Shrivara Mahajan