Inclusiveness sought at Davos

With the world floundering, and with America and Europe in deepening crises, the captains of industry and economic gurus appear to have no answers. Leading advocates of globalization struggle to explain what went wrong.

At a debate on globalisation yesterday, Greenpeace executive director Kumi Naidoo stole the thunder from the likes of Joseph Stiglitz. There was more than a tinge of “we told you so” in Naidoo’s presentation. But he made it clear that those like him who seek to make globalisation more inclusive, to ensure benefits reach more than a few, weren’t merely seeking a place at the high table of world economics; they wanted to be able to influence outcomes.

The theme for this year’s Forum “The Great Transformation: Shaping New Models” itself reflects the necessity for inclusive growth. It talks of the need for developed economies to deleverage, and of creating growth and employment models. This may sound uncomfortable and even unpalatable to many of the rich who flock to Davos, but there aren’t many better solutions on offer.

Billionaire financier George Soros’ suggestion is for Europe especially to announce greater stimulus packages as a way out of the crisis. But there are few takers for this prescription.

The Asian presence this year is muted. The Chinese are busy with their New Year, and India has sent a ‘B’ team of mostly junior ministers to the meeting, although the usual list of suspects from industry is here. It ist he Thais and Indonesians who are most visible; Thai Prime Yingluck Shinawatra jetted in from New Delhi to host a Thailand gala tonight.

India isn’t quite the darling of Davos it had been in recent years. The titles of the two India-centric sessions on the programme are themselves a giveaway. One carries a hint of condescension and is entitled “India’s Tall Ambitions”, while the other, “How Immune is India?” places the spotlight on recent economic policy measures.

Indian and Asian businessmen here aren’t happy with what they hear. For years, they have put profit above everything else and offered globalisation as an alibi for greed. Many of them come to Davos to network on the sidelines, not benefit from the often stimulating sessions inside the Forum. Deals, profits and margins are their buzzwords, not social responsibility and inclusive growth. This year’s mood of somber introspection thus is galling to them. As one Indian businessman, a first-timer to the Forum, put it, “I didn’t come here to be told I should employ more people, but to understand how I can earn more money.”