The decline of Davos

At the World Economic Forum, attendees ski past a world in crisis

A sniper.
(Image credit: FABRICE COFFRINI/AFP/Getty Images)

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The World Economic Forum at Davos used to be a welcoming retreat for "fat cats in the snow," said Lionel Laurent at Bloomberg. But even against the backdrop of lavish parties and 1,500 private jets, this year's attendees could sense that "hostility against the international corporate elite is finally hitting the political mainstream." Several of the world's top leaders chose to stay away to concentrate on dealing with unrest on their home turf, said Gideon Rachman at the Financial Times. In the heyday of globalization, "the international political leaders who gathered in Davos generally had similarly positive attitudes to big business and high finance." These days, it is not that simple. President Trump, who was lauded last year by business leaders after a big tax cut, pulled his entire delegation while he continued to navigate a partial government shutdown. He wasn't alone. British Prime Minister Theresa May remained in London after barely surviving a no-confidence vote in Parliament over Brexit. And China's Xi Jinping was struggling with his country's slowest growth in 28 years.

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Every winter, Davos "provides an informal checkup on the health of global capitalism," said Evan Osnos at The New Yorker. The prognosis isn't good. This year the talk of Davos is a 22-page missive from hedge fund magnate Seth Klarman, who warns that "constant protests, riots, shutdowns, and escalating social tensions" mean it's no longer business as usual for the world's elite. The many reasons for anxiety include the prospect of a chaotic Brexit and a widespread loss of faith in capitalism. The problem with Davos, though, said Michael Hirsh at Foreign Policy, is that those who gather there will never pay genuine attention to the warnings. That's because they're "often the very people who represent the problems" with untrammeled globalization. Without its political headliners, Davos is shaping up as a gathering "of the very rich, the very powerful, and the very clueless."