His Excellency Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, opened the session titled “The Challenges of Globalism” by sharing his remarks on globalization.

After thanking His Highness Sheikh Mohammad bin Rashid Al Maktoum, Prof. Schwab initiated the session by discussing the directions future governments are heading in. "We are at a historical crossroads," he said, adding that one path can lead to neoliberalist global corporations, where we will face backlash from millions of unemployed people, while the other will lead to a world characterized by hostility.

The path Prof. Schwab himself suggested is more in line with the new world. According to him, we should not argue in the context of yesterday but rather we should analyze how the world has dramatically changed. We need to make sure that this change is leading to improvement while also preserving the benefits that globalization has brought about. For example, Schwab mentioned that 1 billion people have been lifted out of poverty. Furthermore, our expectations have increased as consumers as we have continued to benefit from low prices. Nonetheless, we should also be aware that globalization comes with economic innovation, leading to a decrease in labor skills. Overall, these new reality forces us to reevaluate these changes that impact our lives even more than before. Prof. Schwab seemed particularly optimistic about Dubai which has had the mind set to adapt.

On a political level, the impact of these changes will be that many people will not be able adjust and will find themselves facing an identity crisis. Schwab proposed solutions include several new paradigms. First, he rejected going back to the old neoliberal system saying an anti-system existed called libertinism, where the influence of government is weakened. Going forward, we will need a system where human beings are existential but also have a purpose. Furthermore, we should prepare ourselves to accept the force of elevation, and to believe we can move past the negativity. Schwab then focused on the notion of multi-stakeholders as a new gateway to flexible cooperation. Other points he made included: finding collaboration between nationalism and globalism, finding harmony between the authorities, communities and the individual, exploring alternative and secondary services, creating rules when needed, and taking into consideration common human and community values.

Prof. Schwab concluded the session by encouraging his audience to act. “Having our fingers on the pulse isn’t enough to be aware of future expectations, we have audacity and the courage to lead this mission and determination based on value.”

The Challenges of Globalism

Speakers

Prof. Klaus Schwab