Let us re-envision our global economy to make it more sustainable and prosperous for all.

Klaus Schwab in collaboration with Peter Vanham

In this book, Klaus Schwab examines the achievements and shortcomings of the global economic system that has dominated in recent decades: shareholder capitalism in the West and state capitalism in the East. Both systems have allowed for unprecedented advances in wealth, measured by GDP and profits. At the same time, however, they have led to historically massive economic inequality and environmental degradation.

“We cannot continue with an economic system driven by selfish values like short-term profit maximization, tax avoidance, and regulatory evasion, or the externalization of environmental harm,” writes Professor Schwab. “On the contrary, we need an economy designed to care for all people and the entire planet.”

Self-empowerment: How countries and the policies they implement can produce different outcomes in relation to major external factors.

Clearly defined social contract: An agreement of shared values and goals that enables governments, companies, and individuals to produce optimal outcomes.

Design for future generations: Short-sighted attachment to the present harms our common future and the future of those who have yet to be born.

Better measures of economic success: Let’s leave behind the myopic focus on Gross Domestic Product growth and shift towards more comprehensive, human-scale measures for social flourishing.