When Klaus Schwab founded the annual gathering of the World Economic Forum at Davos in 1971, the young Swiss entrepreneur was fascinated by the potential of globalisation against the backdrop of the Cold War and events leading up to the oil-price shock. More than 50 years later, many preoccupations at this year’s annual meeting echo similar uncertainties — the risks of inflation, pros and cons of engaging with autocracies, how to deal with a “hot” war in Ukraine and the patchy outlook for the world’s leading economies.
Schwab, now a spry octagenarian, created a behemoth which brings attendees from across the world via private jet or slow mountain train to an Alpine town for purposes which blend the specific and the vague, and the “spirit of Davos” — a mix of high-minded commitment to improve the state of the world and a lot of downtime for networking and catching up. For a group of “inner Davos” players — including Marc Benioff, the founder of software company Salesforce, former Bank of England boss Mark Carney and the Blairs — Davos is the religious pilgrimage that kicks off the year.
