When Klaus Schwab, the longtime architect of the World Economic Forum (WEF), was forced out earlier this year over accusations of financial misconduct, it seemed like the end of an era. For decades, Schwab had been the face of the organization, hosting presidents, prime ministers, and CEOs in the snowy Swiss town of Davos, where the global elite gathered each January to talk about the future of the world, man-kind, and each individual.
Schwab’s departure was followed by a brief interim period under Peter Brabeck-Letmathe, the former CEO of Nestlé, before Larry Fink—the 73-year-old co-founder of BlackRock, which manages an astonishing $12.5 trillion and exerts exorbitant influence on companies in its portfolio around the world—was tapped to lead the Forum. Fink’s appointment immediately fueled speculation: would the WEF change its orientation under one of the most powerful men in global finance?
To answer that, it helps to understand what the WEF really is, what it does, and to what extent its vision of the future depends on who sits at the top.
Full article available at CAGG Forum.
