World Economic Forum: There must be a “Great Reset” of world economies in light of pandemic devastation

World Economic Forum: There must be a “Great Reset” of world economies in light of pandemic devastation

Saturday, October 17, 2020 | Tag Cloud Tags: coronavirus, covid-19, ISIS, News, virus, War, Worthy News

by Karen Faulkner, Worthy News Correspondent

(Worthy News) –
The founder of the World Economic Forum (WEF) has said there must be a “Great Reset” of economies, politics, and societies in light of the devastation wrought by the COVID-19 pandemic. In an article published Monday, WEF Founder and Executive Chairman Klaus Schwab wrote: “We will need to reconsider our collective commitment to ‘capitalism’ as we have known it.”

Describing the global impact of the COVID-19 crisis as second to none after World War 2, Schwab explains: “The pandemic has triggered a public health and economic crisis on a scale unseen in generations and has exacerbated systemic problems such as inequality and great-power posturing.” Therefore, Schwab says: “This is a moment to re-evaluate the sacred cows of the pre-pandemic system, but also to defend certain long-held values. The task we face is to preserve the accomplishments of the past 75 years in a more sustainable form.”

Accordingly, the world must reconsider its commitment to capitalism, Schwab writes: “Obviously, we should not do away with the basic engines of growth,” he affirms. However, Schwab says: “[Today’s consumers] increasingly expect companies to contribute to social welfare and the common good. There is both a fundamental need and an increasingly widespread demand for a new kind of “capitalism.”

Schwab believes the pandemic has highlighted the fact that governments, businesses and societies cannot meet global challenges such as the impact of coronavirus on their own: “We need to break down the siloes that keep these domains separate, and start to build institutional platforms for public-private cooperation,” he says.

Moreover, Schwab concludes: “The Great Reset should seek to lend a voice to those who have been left behind, so that everyone who is willing to ‘co-shape’ the future can do so.”




Copyright 1999-2020 Worthy News. All rights reserved.
If you are interested in articles produced by Worthy News, please check out our FREE sydication service available to churches or online Christian ministries. To find out more, visit Worthy Plugins.

Spread the love

Leave a Reply

%d bloggers like this: