Davos Notebook

from The Great Debate:

Trust: the commodity in shortest supply

Where do I put my money?
What do I read?
Who do I listen to?
Who saw it coming?
Who made money from it?
Who will make money from it?
Who can I trust?

david-schlesinger-in-the-newsroom
As Davos gets under way, my feeling from chatting with contacts and listening to conversations around me is that one thing the world economy is really suffering from right now is a crisis in trust.

Institutions failed us.
Governments failed us.

Our own intuition failed most of us (George Soros said today that he protected his capital and had a satisfactory return -- that's certainly better than I did!).

Our advisers failed us.
The media failed us too.

So before we buy again, or invest again, or behave normally again, people need an answer to the fundamental question -- where can I invest my trust.

I think that's the issue behind all of the discussions here.

And solving the related questions of "who is trustworthy now" and "what can we do to create trust in governments and institutions" seems a vital first step.

The shift in power from West to East

One news theme I’ve asked our journalists to be alert to this year is the shift in power and emphasis from est to East.

The rise of China’s economic power during 30 years of reform and opening to the world is just one manifestation of this; the knowledge and service powerhouse that India has come in a globalised world is another. At Davos this year I’m moderating a panel on Asian innovation that will surely highlight software advances in Japan, Korea and Thailand as well.

I’m convinced the current global economic crisis must lead to a fundamental reassessment of how power and influence is expressed through the world, from manufacturing and service oriented Asia through the oil-rich Gulf.

from The Great Debate:

Turning the tables: Can you help Davos leaders?

Klaus SchwabDavos is a well-rehearsed event and everyone knows the part they should play. Business and political leaders gather each year to tackle the major challenges of a global economy while the rest of the world, or those of its citizens who are interested, look on from afar. But this year, for obvious reasons, things are different. The notion of leadership has been coupled in the public mind with that of responsibility. The tone here is a little more humble and the attitude more open-minded. There's a recognition that new thinking is required.  A suitable time, perhaps, to turn the tables on convention and have Davos delegates ask the questions they can't answer and for global citizens to offer solutions.

Gamefully opening the discourse is Professor Klaus Schwab, Founder and President of the World Economic Forum.

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If you've got suggestions for Klaus then use the comments section below.