World Economic Forum

This 'not-for-profit foundation' began in 1970 as an informal gathering of CEOs from Europe's biggest businesses. It became the World Economic Forum (WEF) in 1987. In fact it is an exclusive private club for the chief executives of the world’s largest corporations who meet annually at the Swiss ski resort of Davos to set the world's political, economic and business agenda for the year. The WEF also has numerous other more specialized meetings during the year, to network, hold private discussions, share information and ideas, foster alliances, and plan strategies for achieving common corporate goals.

This self-appointed elite purports to act 'in the spirit of entrepreneurship in the global public interest to further economic growth and social progress,' even though it is unelected and largely unaccountable. Membership is by invitation only and is restricted to corporations that have over $1 billion in sales, and banks that control over $1 billion in capital. It boasts over 1000 members and has been a major force behind the liberalisation of the world economy.

The WEF is not a decision-making body but one that has power through the financial power of its members. It wields influence through bringing the world’s top business people and top policy makers together at its meetings. Government leaders are invited to WEF meetings enabling business leaders to have high level access to government ministers, prime ministers and presidents.

Klaus Schwab, who presided over World Economic Forum (WEF) for almost 30 years, argued in 1999 that the ‘sovereign state has become obsolete’ and that the preference of the chief executives of large corporations is for national governments to become subservient to corporate and financial interests.

The WEF produces a Global Competitiveness Report that ranks nations according to how business friendly their policies are. According to the WEF, competitiveness depends on having small government, minimal government intervention in or regulation of the market and good incentives for investment in new technologies.

In recent years the WEF have sought to present a more open, humane persona and to raise WEF’s public profile. Its meetings now have sessions that are open to carefully screened journalists and are reported on its web pages. These sessions are sometimes addressed by invited representatives of NGOs, some of whom are critics of unrestrained economic globalization. However the key part of the WEF meetings are the many private discussions that take place during these meetings and the WEF’s web pages have sections that are only accessible by members.

From the WEF website:

The rapid growth of global communications, information technology and international business in the second half of the twentieth century has increased the need for a common platform where the stakeholders of society could be brought together to consider and advance the key issues on the global agenda. The World Economic Forum is that platform. Over the course of three decades, the Forum has grown from humble beginnings as a European economic conference into a unique global institution capable of gathering world leaders in business, government and civil society to address the major challenges confronting humanity. In line with changing global needs, the Forum is now evolving from its role as a facilitator to a more active role as a catalyst, with an increasing focus on ongoing collaborative projects to address global issues and challenges.

No other institution brings together the 'world's leadership team' way the Forum does. At the Annual Meeting in Davos, Switzerland, and at Regional Summits and meetings throughout the year, the main players on the global stage are asked to articulate the major problems facing the world, and to find solutions. They are brought together to form taskforces, to organize projects and to launch initiatives. They are fully engaged in the process of defining and advancing the global agenda. 1982

The first Informal Gathering of World Economic Leaders takes place on the occasion of the Annual Meeting in Davos, bringing together cabinet members of major countries with heads of international organizations (such as the World Bank, IMF, GATT). This serves as a model for similar initiatives in the global public interest, including: the Club of Media Leaders (editors-in-chief), annual Informal Gathering of heads of the world's foremost non- governmental economic research organizations, the Informal Gathering of Regional Leaders, the Informal Gathering of Global City Leaders, the Roundtable of Industry and International Organization Leaders. All take place on the occasion of the Annual Meeting in Davos.

A special Informal Gathering of Trade Ministers from 17 countries is organized in Lausanne by the foundation, which spurs the launch of the Uruguay Round.

1983 Governors Meetings, integrating the chief executive officers of the world's most important corporations, are created in specific industry sectors. These 'CEO clubs' add an industry orientation to the foundation's well established country-related activities. Today, ten such industry groups exist with more than 400 Governors.

1993 In order to reinforce the club character of its networks, the foundation limits its activities to members and to their special guests only. The foundation starts the concept of Forum Fellows nominating some 300 top experts in the political, economic, social, cultural and technological fields as pertinent advisers and contributors to its activities. The Informal Gathering of Editorialists and Commentators is created to provide the media with its own networks and with the opportunity to interact intensively with the other constituents of the Forum.

Water

The World Economic Forum has in recent times recognised the urgency of the Water crisis facing the world. As such, they have prioritised Water as an urgent policy issue. Similar to other like-minded organisations, such as the World Business Council For Sustainable Development, the World Economic Forum argues for market solutions to the problems of unequal water allocation and water scarcity. These principles include placing a proper (higher) value on water. This proposal will result in their members definitely being able to afford Water, with many others in the world not being able too. A situation that would in effect see their members seizing de-facto control of water. In addition, given that the vast majority of people who do without water are those who can't afford to pay, the proposal to put a higher economic value on water will exacerbate this situation and will not help the achievement of the Millenium Development Goals, which aspire to decrease the numbers of people who do without clean water and sanitation.

David Cameron Speaking at the Forum's Annual Meeting 2008

In January 2008, David Cameron participated in the World Economic Forum's annual meeting at Davos as a speaker. The House of Commons Register of Interests lists hospitality, car use, a conference pass and 'hospitality' being supplied by the Forum, with flights and accomodations supplied by the Conservative Party.