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We need a new narrative for globalization
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We need a new narrative for globalization

Klaus Schwab
World Economic Forum, 2017
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Editorial Rating

8

Qualities

  • Visionary
  • Inspiring

Recommendation

Market-driven global capitalism is certainly not perfect, but getting rid of it altogether would be like throwing the baby out with the bathwater. So says the World Economic Forum’s Klaus Schwab, who makes the case that globalization is here to stay but could do with a renovation. He posits that the issue is not in the market system itself but in its single-minded practice, which leaves people feeling spiritually empty. Judiciously harnessing the opportunities of innovation in the fourth industrial revolution could help individuals meet their material as well as social needs. getAbstract recommends this thought-provoking analysis to policy makers and others looking forward to a better future.

Take-Aways

  • Since the 1980s, neoliberal economic policies have helped better the lot of billions of people worldwide. But global economic growth is now floundering, and social and environmental problems are emerging.
  • Today, elites who are the primary beneficiaries dominate the “purely market-driven global economy,” and people are fighting back.
  • The market system is ultimately beneficial, because it promotes the competition and innovation essential for human development. But the system needs to operate on principles of fairness.

About the Author

Klaus Schwab is the executive chairman of the World Economic Forum. 

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