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.”

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