The World Economic Forum (WEF) – All You Need To Know.

What is the World Economic Forum?

The World Economic Forum (W.E.F) is a non-governmental organization comprised of influential leaders from various industries and regions around the world. It is a non-profit organization committed to improving the state of the world through public and private cooperation. The W.E.F hosts an annual meeting in Davos Switzerland, for world leaders, business executives, and academics, to discuss global issues and challenges. 

What Is The Purpose Of The W.E.F? 

W.E.F’s annual Global Competitiveness report, ranks countries based on areas such as infrastructure, education, and technological readiness. The organization also focuses on global issues such as, climate change, economic growth, and reducing inequality. It aims to address critical issues facing the world, and to find solutions that benefit all stakeholders. 

The W.E.F currently places emphasis on “Globalization 4.0,” which refers to digital globalization, and the challenges and opportunities it presents. Believing that this will require new policies and frameworks to ensure that everyone benefits from the economic opportunities that this may bring. 

Who runs the W.E.F?

The W.E.F is chaired by founder and executive chairman Professor Klaus Schwab who oversees the organization, along with a Board of Trustees. The Trustees come from business, government, and academia and provide strategic guidance to the organization.

How Are The Trustees Appointed?

The Board of Trustees are appointed by the existing members of the Board. Appointments are based on a range of criteria, including their expertise, experience, and contributions to the fields of business, economics, and policy.  It is not clear what the specific process for appointment involves, or the level of involvement of Professor Klaus Schwab in the process.

The W.E.F And Democracy

There is some debate over the level of democracy within the W.E.F. Some suggest that the focus on elite decision-making and its close ties to powerful corporations, limits its democratic accountability. However, the W.E.F’s level of democracy is difficult to assess, as much of its operations, and decision-making processes are not publicly available.

Conspiracy Theories

A number of early so-called conspiracy theories, have since been proved to be correct, but, in the case of the W.E.F The Globe And Mail, suggests that it is Mr. Schwab’s, own inflated ego that is at the root of the W.E.F’s global conspiracies. “A few years ago, he bragged that his organization has been able to “penetrate the cabinets” of numerous national governments around the world – including Canada’s – through former participants in the W.E.F’s Young Global Leaders program who have risen to political power.” Which has served to fuel discussion on the W.E.F’s role in society and ultimate aims.

Who funds the W.E.F?

The World Economic Forum is funded by its member companies, which typically consist of global enterprises with more than five billion dollars in revenue. These companies become members and partners of the Forum, providing funding for its initiatives and events. Additionally, the W.E.F receives financial contributions from various other sources, including governments, foundations, and private individuals

This has been raised as a great concern by some people, due to the possibility of the global companies that fund the W.E.F may have greater influence over the decision-making process than nationally elected governments.

Big Pharma and the W.E.F

No specific information is available on how much money the pharmaceutical industry pays to the W.E.F. The W.E.F mainly relies on a significant portion of its funding from its member companies and partners, including the pharmaceutical industry. However, the exact amount of funding that individual companies contribute is not publicly disclosed.

The Great Reset “You’ll own nothing and be happy”

The term “Great Reset” was introduced by Klaus Schwab, in May 2020. The W.E.F has held many events exploring its implementation. The aim is to use the “Great Reset,” to address economic, social, and environmental issues. It is still being discussed and debated.

The phrase, “You’ll own nothing and be happy,” has been used in discussions related to the World Economic Forum’s concept of the, “Fourth Industrial Revolution.” It is a concept being discussed by various individuals and organizationsThe idea is that people do not need as many physical possessions to be happy, and will gain greater satisfaction from experiences, relationships, and personal growth. However, it is argued that it does not take into account, issues related to income inequality and other socioeconomic factors that contribute to happiness. Whether someone can be happy with less, is a matter of personal opinion.

Will you be happier with less?

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Posted in Finance, Government & Politics.