The coronavirus crisis presents an opportunity for a “new kind of capitalism” and “great reset” of global economies, politics, and societies, according to World Economic Forum (WEF) founder and executive chairman Klaus Schwab.
In an article published Monday by the WEF, an impatient Schwab claims neo-liberalism is dead and with it traditional notions of economic capitalism.
In their place is a set of “Stakeholder Capitalism Metrics” the WEF says enables the world to progress under one set of overarching rules as drawn up by it, with “social justice” a key component of this brave new world.
This restructure of the way we do business is the new model for the “great reset” Schwab argues, adding he foresees the coronavirus crisis as too good an opportunity not to “re-evaluate sacred cows of the pre-pandemic system.”
He outlines his argument by pointing to just how serious the epidemic has been to the way we live now: Schwab writes:
No event since World War II’s end has had as profound a global impact as COVID-19. 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.
The only acceptable response to such a crisis is to pursue a “Great Reset” of our economies, politics, and societies. Indeed, 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.
Schwab believes that if the Chinese coronavirus crisis has shown us anything, it is “that governments, businesses, or civil-society groups acting alone cannot meet systemic global challenges.”
In their stead, the WEF says the world should adopt more socialistic policies, such as wealth taxes, additional regulations and massive Green New Deal-like government programs.