The World Economic Forum (WEF) was established as a non-profit organisation in January 1971. The World Economic Forum (WEF) is a non-profit organisation situated in Cologny-Geneva, Switzerland, that was formed to improve world conditions. This organisation was previously known as the European Management Forum.
Klaus Schwab founded the World Economic Forum (WEF), formerly known as the European Management Forum, in 1971. The World Economic Forum was founded in 1987 with the purpose of providing a platform for the resolution of international problems.
About World Economic Forum
The International Organization for Public-Private Cooperation is the World Economic Forum. The Forum brings together the most powerful political, business, cultural, and other leaders from around the world to shape global, regional, and industry agendas.
It is self-contained, objective, and independent of any special interests. In all of its endeavors, the Forum aspires to exhibit entrepreneurship in the global public interest while adhering to the greatest norms of governance. It bases what it does on moral and intellectual honesty.
A different institutional culture based on the stakeholder idea, which holds that a firm is responsible for all members of society, shapes the actions. The institution carefully integrates and balances the best of public and private sector organizations, as well as foreign and academic institutions.
It believes that development is created by bringing together people from all walks of life who have the will and power to make a difference. The Forum’s goal is simple and effective: bring together the world’s most powerful leaders from all sectors of society to find the most effective answers to the world’s most pressing challenges.
It’s efficient. For nearly 50 years, the Forum has been the catalyst for global initiatives, historic shifts, industry breakthroughs, economic concepts, and tens of thousands of projects and collaborations. The topic for 2020 is Stakeholders for a Cohesive and Sustainable World. The 2021 World Economic Forum will be held in Singapore from August 17–20. (impact of Covid-19).
Impact of Forum
- Raising awareness and collaboration: By bringing together leaders from industry, government, international organisations, academia, civil society, and youth to work on good change, the Forum has a tremendous influence.
- Changing people’s thoughts and agendas: Our landmark studies, policy frameworks, and initiatives have an impact on government priorities, company plans, and public opinion.
- Promoting collective action: The Forum’s projects and collaborations have an impact on millions of people, ranging from saving lives through childhood vaccination to enhancing the productivity of small-scale farms.
GOVERNANCE
Professor Klaus Schwab is the company’s founder and executive chairman.
Trustees: The Forum’s mission and principles are guarded by outstanding individuals who also oversee the Forum’s efforts to foster true global citizenship. Its membership is evenly divided between business representatives, international organisation leaders, and civil society leaders.
Managing Board: The WEF’s executive body, the Managing Board, represents the organisation to outside parties.
Six to eight regional meetings are held each year in Africa, East Asia, and Latin America, as well as two additional annual meetings in China, India, and the United Arab Emirates.
ANNUAL MEETING IN DAVOS
The World Economic Forum’s main event, held in Davos, Switzerland, at the end of January, brings together CEOs from its 1,000 member firms, as well as selected politicians, representatives from academia, NGOs, religious leaders, and the media in an alpine backdrop.
The focus of the winter sessions is presumably on major global challenges (such as globalization, capital markets, wealth management, international conflicts, environmental problems and their possible solutions).
Participants can also take part in role-playing activities such as the Investment Heat Map. Winter get-togethers may have spawned as many ideas and solutions as formal sessions.
REPORTS PUBLISHED BY WORLD ECONOMIC FORUM
- Energy Transition Index.
- Global Competitiveness Report.
- Global IT Report (WEF along with INSEAD, and Cornell University publishes this report).
- Global Gender Gap Report.
- Global Risk Report.
- Global Travel and Tourism Report.
GREAT RESET INITIATIVE OF THE WORLD ECONOMIC FORUM
The Davos Dialogues agenda signals the commencement of the Era Economic Forum’s Great Reset Initiative in the post-Covid world. Following the COVID-19 epidemic, the World Economic Forum’s (WEF) Great Reset initiative tries to reconstruct the economy in a sustainable manner.
It was presented in May 2020 by Prince Charles of the United Kingdom and Klaus Schwab, director of the World Economic Forum. It is based on the assumption that the world economy is in grave danger.
The pandemic’s destructive repercussions on global society, the unfolding technology revolution, and the ramifications of climate change are just a few of the variables that have aggravated the crisis.
Agenda of World Economic Forum
From education to social contracts and working conditions, every facet of our society and economies must be reformed collaboratively and fast.
Every country must participate, and every industry, from oil and gas to technology, must undergo transformation.
In conclusion, capitalism requires a MAJOR RESET.
The goal of The Great Reset, according to C Raja Mohan (Director, Institute of South Asian Studies, National University of Singapore), touches on many of the world’s most important challenges.
Here are a few examples:
- The topic of capitalism reform is the foremost.
The World Economic Forum has been a leading proponent of “stakeholder capitalism,” which goes beyond standard profit maximization for corporations. - Focusing on the rising climate problem is, without a doubt, appropriate.
Climate deniers have been expelled from Washington, and Vice President Joe Biden has re-entered the 2015 Paris Climate Accord. - The rising difficulties of global cooperation are the third aspect to examine.
The era of great power cooperation that accompanied the liberalization of the global economy around the turn of the century has given way to severe competition. The battle is not only political, but it is also getting more economic and technological.
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