Some of the world's top CEOs are admitting that capitalism is worsening inequalities,
but they say it's better than any alternative. The remarks kicked off talks at the
World Economic Forum in the Swiss ski resort of Davos Wednesday. The Swiss setting
maybe picturesque but the economic climate is anything but.
The annual World
Economic Forum in Davos is underway but the corporate executives gathered are grappling
with major issues such as the struggling euro currency, fears of a return to recession
and the loss of momentum in developing economies.
Over the next few days representatives
from 19 of the G20 countries, including heads of government from Mexico, South Africa
and the United Kingdom will be exchanging views and trying to come to grips with a
frayed global system under the theme “The Great Transformation: Shaping New Models”
There
will also be participation from over 2,600 leaders from government, academia, business
and civil society
Lee Howell is Managing Director and Head of the Centre for
Global Events at the Word Economic Forum, he says the focus will be on addressing
major structural challenges in the global economy.
With the start of this forum
also comes a warning from its founder Klaus Schwab who says capitalism is out of sink
and welcomes critic’s idea’s of how to mend it such as those of the Occupy protest
movement who are camped out in their igloos in Davos.
He adds that he wants
this year's forum to place particular emphasis on ethics and resetting the moral compass
of the world's business and political community. Listen to Lydia O'Kane's report