Davos 2023: Capitalism’s polycrisis strikes fear into the ruling class’ hearts
, 2023-01-20 12:48:37,
The great and the good have been gathering in Switzerland this week for the latest meeting of the World Economic Forum (WEF), a (usually) annual conference that former Labor leader Jeremy Corbyn accurately described as a “billionaires jamboree”.
This year’s event was the first Davos summit since the start of the pandemic. And a lot has clearly changed since then.
The word “polycrisis” provides a fair summary of the discussions at #WEF23, used by multiple speakers over the last five days to describe the concatenation of dangers and threats currently facing the global economy.
“Economic, environmental, social and geopolitical crises are converging and merging,” declared WEF founder Klaus Schwab, opening this year’s symposium of international elites.
This downbeat message was reiterated in the World Economic Forum’s annual global risks report, released ahead of the latest powwow of chief executives, bankers and established politicians.
“The risk of recession; growing over-indebtedness; a continuing cost of living crisis; polarized societies enabled by misinformation and disinformation; a pause in swift climate action; and zero-sum geoeconomic warfare…” – the list goes on.
All this, and more, was on the minds of the Davos delegates this week, a reflection of the deep pessimism gripping the ruling class and the dire prospects for capitalism in the coming months.
Holding on to a burning nail
Like the host of any good party,…
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