Davos 2012: Soul searching at the World Economic Forum

[CHIMO]

The ghost of Karl Polanyi is stalking Davos. The theme of this year's annual meeting of the World Economic Forum is the Great Transformation, the title of Polanyi's book criticising what he saw as the utopian nature of free market capitalism in the 19th century.

Totally free markets would lead to political and social collapse.

Four years into a brutal recession that has left 200 million unemployed around the world, and with protest movements occupying public spaces in western cities, there is clearly some soul-searching going on.

Conclusion: those running the global economy know there is a problem but, since they are doing well out of the system personally, lack the incentive to do anything about it.
http://www.guardian.co.uk/business/economics-blog/2012/jan/25/davos-2012-soul-searching-world-economic-forum

[dkf]

1. I think this is where the disconnect lies...

"Capitalism has to provide secure jobs and distribute wealth evenly, and contribute to the common good", she said.

[CHIMO]

2. Yes

And what appears to be happening, is that they are trying to change Great Transformations from Polanyi's description to that of todays banksters.