Eyes in Davos focused on global risks

Globalization 4.0

While the China-US spat is likely to draw much attention in Davos, the theme of this year's gathering-Globalization 4.0: Sharing a Global Architecture in the Age of the Fourth Industrial Revolution goes far beyond trade wars.

Globalization 4.0 has been interpreted by some commentators as a bid to build a world order and international architecture under the new political realities of the 21st century, including taking into consideration factors such as inequality, the rise of populism, the invention and disruption caused by new technologies, and the outdated global governance system.

Organizers said Globalization 4.0 is aimed at finding new models for peace, inclusiveness and sustainability. "This fourth wave of globalization needs to be human-centered, inclusive and sustainable," said Schwab, of the WEF, who was among 10 foreigners to be granted the China Reform Friendship Award in December.

Many experts have stressed that Globalization 4.0 must better address the problems faced by people who have been left behind both in the developed and developing worlds.

Schwab said the world is entering a period of profound global instability brought on by the technological disruption of the Fourth Industrial Revolution and the realignment of geoeconomics and geopolitical forces. "We need principals from all stakeholder groups in Davos to summon the imagination and commitment necessary to tackle it," he said.

In a recent article titled Globalization 4.0: The Davos 2019 Manifesto, Schwab cited the fact that national leaders came together after World War II to design a new set of institutional structures to enable the post-war world to collaborate toward building a shared future.

"The world has changed, and as a matter of urgency, we must undertake this process again," he said.

At the WEF, government, business and civil society leaders will offer their perspectives on what Globalization 4.0 should look like. Many experts believe that the world, including government and business leaders, is underprepared for the challenges and opportunities brought by the Fourth Industrial Revolution.