Even the powerful men of Davos can’t control their own agenda.
The CEOs, top academics, and world leaders—many of whom have traveled by private jet and then helicopter to Davos, a secluded Swiss ski town—for this year’s World Economic Forum have come officially to discuss how power in the global economy is shifting, from traditional leaders like the U.S. to the emerging markets.
Instead, on the eve of the conference, which officially kicks off on Tuesday night, there were signs that the economic order of the past few decades seems intact. The latest sign came on Monday, when Chinese stocks plunged 8%, their largest drop in six years. Meanwhile, Brazil’s economy is stagnant and the collapse in oil prices has pushed Russia into a crippling recession. At the same time, U.S. GDP rose 5% in the third quarter, once again making the nation the driver of the world’s economy. That’s…
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