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We need a new narrative for globalization
Article

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.

Summary

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. Neoliberalism no longer serves a useful purpose in its current form.

Economic thinking evolved to emphasize the “optimization of the system” exclusively, instead of the empowerment of individuals. Such “market extremism” misses the point that people aspire to more than material satisfaction in their lives. They have social and...

About the Author

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

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