What power does the World Economic Forum have?
Business and political leaders from around the globe gather annually in Davos, Switzerland to discuss and collaborate on pressing international concerns.
The World Economic Forum is an annual gathering in Davos, Switzerland, attended by corporate and political elites, where pressing topics affecting the global economy are discussed. Issues of politics, economy, society and the environment are all included in this category.
The annual World Economic Forum Meeting, hosted by the WEF, is held in the Swiss ski resort of Davos. Business and political leaders from all around the globe gather annually to debate pressing international concerns. The fifty-year tradition that the COVID-19 pandemic had disturbed was reinstated in 2022.
WEF main points
- The World Economic Forum (WEF) is a Geneva-based multinational organization that works for worldwide collaboration on the day’s key economic and social concerns.
- Most people are familiar with its annual conference in Davos, Switzerland, where corporate and political leaders and prominent intellectuals gather to debate ways to improve the state of the world.
- According to the World Economic Forum, current top worldwide worries are mostly environmental in nature, including topics like the loss of biodiversity and man-made catastrophes.
- Even while it lacks the authority to make decisions independently, the WEF is actively trying to sway public opinion in favor of policies that will benefit humanity as a whole.
- They get their money from their members, who include many powerful people in industry and government.
- Members of the World Economic Forum constitute a who’s who of the world’s business and political elite. They include CEOs, diplomats, celebrities, media figures, government officials, religious leaders, and representatives from unions all over the globe.
History
The World Economic Forum (WEF) was established in Geneva in 1971 with a goal based on stakeholder theory.
According to stakeholder theory, even though a company’s primary goal is to maximize profits for its shareholders, it must nevertheless consider the interests of other groups. Employees, consumers, and the local and global community are all stakeholders that should have a voice in the company’s strategic choices.