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World Economic Forum: Driver of an unjust economy

At the start of the World Economic Forum, the political NGO WEED is calling for a fundamental democratisation of the economic order and greater global justice. In its current form, the Forum strengthens power structures and exploitation - major causes of social and ecological crises. WEED therefore calls for the World Economic Forum to be abolished.

‘The World Economic Forum legitimises the power of large corporations,’ explains Verena Kröss, an advisor at WEED. ‘Instead of putting the needs of all people at the centre, the forum provides a framework for large companies to further strengthen their position.’ CEOs and shareholders of large corporations use the forum to develop strategies for further growth and higher profits. ‘The Forum is not just a symbol of an unjust economic system - it cements inequality and propagates false solutions.’

Inequality in figures

Numerous studies show that inequality has increased significantly in recent years, that the extremely rich in particular have benefited from economic growth and that the increasing concentration of economic power is a major problem. Oxfam, for example, showed that:

  • The world's richest 1% own 43% of total global financial assets.
  • In the last five years, the five richest men in the world have more than doubled their wealth, while the wealth of almost five billion people has declined.

Corporate power is fuelling inequality, as their main aim is to increase returns for shareholders. To this end, they block redistribution policies such as minimum wage increases and genuine climate protection while engaging in tax avoidance. As partners of the World Economic Forum, many of them shape its agenda.

False solutions for real crises

‘The World Economic Forum has given itself a green veneer,’ says Leonie Bröcheler, a spokesperson at WEED. Although the forum addresses global challenges such as climate change, democracy and social inequality, the proposed solutions remain purely profit-orientated. ‘The real question of justice and distribution is not asked’. The World Economic Forum has become a stage on which those who cause crises present themselves as crisis solvers. ‘RWE and Bayer are using the forum to deflect attention from their responsibility for climate and environmental damage,’ explains Bröcheler. ‘As long as they profit from global inequality and climate destruction, they will not deliver any real solutions.’

Dialogue without effect

Simon Pompé, an adviser at WEED, warns: ‘The World Economic Forum is based on the naive assumption that mere dialogue between so-called “stakeholders” will almost automatically lead to fair solutions and compromises. However, it is primarily the powerful who are allowed to have their say - especially corporations and decision-makers from the Global North.’ Critical voices are tolerated, but hardly heard. ‘Genuine climate transformation and economic democratisation cannot be achieved through eternal dialogue with CEOs and investors. They require courageous political decisions that counter the interests of large corporations.’

WEED calls for democratic alternatives

WEED is in favour of the creation of global, democratic spaces in which the economy is shaped according to people's needs and within planetary boundaries. ‘We must democratise the economy from the ground up and promote concepts based on the common good. Wealth must be limited and the exploitation of people and nature must be consistently put a stop to,’ emphasises Adrian Schlegel, WEED Board Member. ‘This is the only way we can overcome the crises of our time together and justly.’

Protest on the ground

WEED will take part in the protest march of the Swiss alliance ‘StrikeWEF’, which will lead to Davos from 18 to 19 January 2025. At the final rally on 19 January and during the World Economic Forum (20-26 January), WEED will join other civil society organisations in calling for global justice.

 

Contact for interviews

Leonie Bröcheler is available for interviews:

  • 17-19 January 2025: By telephone and on site at the protest walk
  • 19.01.2025, 16:00: On site in Davos (Postplatz, closing rally)
  • 20-26 January 2025: By telephone during the World Economic Forum

Leonie Bröcheler | Phone: +49 163 3697983 | Email: leonie.broecheler@weed-online.org

 

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