Monday, January 30, 2012

Davos World Economic Forum ended Sunday Jan. 29

   Worries about the world economy and in particular the European debt situation dominated the Davos summit that ended on January 29th. This was the 42nd annual meeting of the World Economic Forum.
    Last Thursday the Canadian Prime Minister Stephen Harper warned European leaders that they would need to institute difficult reforms. Harper said that western countries needed to pursue economic growth to prosper. Harper himself is prepared to make cuts in government spending and also make the waiting period for pensions longer. He seems eager to increase the sale of Canadian resources such as oil from the Oil Sands to global markets.
     Business leaders joined in the Harper chorus. The CEO of Unilever Paul Polman sang the common refrain that "we" have lived beyond their means. Of course the we that are to make sacrifices are not banks but workers who must make things better for those who would exploit them.
     The founder of the forum Klaus Schwab said he was still a believer in free markets but also said that capitalism needed to be fixed to serve society. He even gave a nod to the criticisms of Occupy protesters who were present in Davos. For much more see this CBC article.

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