Introduction
The World Economic Forum (WEF) is a Swiss-based non-governmental organization. Klaus Schwab established it in 1971. The World Economic Forum (WEF), well-known for its annual summit in Davos, Switzerland, brings together politicians, economists, corporate executives, and celebrities to discuss significant global problems. With its focus on substantial issues like economic inequality, climate change, and technological breakthroughs, the WEF has been instrumental in defining the international economic agenda over the years. This article examines the World Economic Forum’s applicability to the modern global economy, examining its impact, critics, and changing function.
Historical Context and Evolution
- Startup and Early Years
The European Management Forum, which gave rise to the WEF, initially concentrated on business management techniques throughout Europe. It expanded to include global economic concerns when it was renamed the World Economic Forum in 1987. The early years of the forum were characterized by a focus on increasing company efficiency and management. However, the WEF expanded its scope to cover more economic, social, and political topics as the world economy grew more interconnected.
- Expansion and Influence
The WEF gained international recognition in the 1990s and 2000s, drawing powerful leaders globally. Its yearly Davos conference, which hosted important discussions on economic policy, global health, and environmental sustainability, came to represent international cooperation. The WEF also started diverse programs and initiatives, like the Global Competitiveness Report and the Global Health Initiative, to address certain global issues. Contd.
