Globalization is being redefined simultaneously by four major transformations:
· Global economic leadership is no longer dominated by multilateralism but characterized by “plurilateralism”
· The balance of global power has shifted from unipolar to multipolar
· Ecological challenges, including but not limited to, climate change, are threatening socio-economic development
· The Fourth Industrial Revolution is introducing technologies at a speed and scale unparalleled in history
Whether Globalization 4.0 improves the state of the world for all will depend on governance at the corporate, government and international levels that adapts sufficiently to this new economic, political, environmental and social context.
“We are just at the beginning of Globalization 4.0, and are significantly underprepared for the magnitude of change we are facing. We are still approaching issues of globalization with an outdated mindset. Tinkering with our existing processes and institutions will not be enough. We need to redesign them so that we can capitalize on the abundance of new opportunities that await us, while also avoiding the kinds of disruptions that we are witnessing today,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.
Under the rubric of Globalization 4.0, there will be a series of “Global Dialogues” in Davos to develop recommendations by the internationally relevant and knowledgeable individuals and institutions that are shaping the future, which include members of the World Economic Forum’s Board of Trustees.
The World Economic Forum’s Annual Meeting brings together governments, international organizations, business, civil society, media, foremost experts and the young generation from all over the world in more than 400 working sessions. It engages over 100 governments and 1,000 companies at the highest leadership levels. For further information, please click here.