We need a fundamental change to capitalism post COVID-19—one that takes into account social, natural, and human capital, rather than just financial gain—or else economic inequalities will worsen, environmental degradation will continue, and change will come anyway through violent force. That may sound like a radical position, but now it’s coming from the mouth of Klaus Schwab, founder and executive chairman of the World Economic Forum.
Since 1971, WEF has hosted an annual meeting in Davos, Switzerland, at the end of January, where thousands of business leaders, economists, heads of government, and environmental and human rights activists come together to have conversations about where the world and its industries will go next. WEF, a nonprofit, is built on the idea that public-private cooperation is the way to tackle global challenges, from climate change to gender parity (Fast Company has hosted events at Davos).
The COVID-19 pandemic has become one of the biggest global challenges, Klaus said in an interview with German newspaper Zeit Online, which was translated by the Teller Report—one that has forced the need for an economic system that is “more resilient, more inclusive, and more sustainable.” Schwab wrote a book called COVID-19: The Great Reset, published over the summer, that outlines how the world can make that change.