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27 January 2026

The Time Has Come to Shutter the World Economic Forum

KATHARINA PISTOR

NEW YORK – This week, Canadian Prime Minister Mark Carney delivered a near-flawless speech about the past, present, and future of the current world order. It is a text that will almost certainly be cited by future historians. The only problem was the venue: the World Economic Forum’s annual gathering of the rich and powerful in Davos, Switzerland.

The WEF was founded in 1971 by Klaus Schwab, who wanted to change the world by bringing together business, political, academic, “and other leaders of society” – a mission statement embraced by countless nonprofit organizations. But always absent from the list was society: all those who populate the countries, work in the companies, or sit in the classrooms of leaders who find it easier to talk to one another than to listen to ordinary people. Attending the WEF is not cheap. In addition to annual membership and partnership fees of CHF60,000-600,000 ($62,000-622,000), members pay around $27,000 for every delegate they send to Davos. Invited guests with less financial means – many of them drawn from academia – may get a free ride, but that is only because they are there to offer entertainment for the moments when the other attendees are not busy meeting in back offices away from the buzz. (I am speaking from experience as a one-time guest.)

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