The Fall of Davos Man

Global elites must either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity. 

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The annual confab of the captains of global industry, finance, and wealth is underway in Davos, Switzerland, at the World Economic Forum.

Meanwhile, Oxfam reports that the wealth of the 2,200 billionaires across the globe increased by $900 billion last year—or $2.5 billion a day. Their 12 percent increase in wealth contrasts with a drop of 11 percent in the wealth of the bottom half of the people of the world. In fact, the world’s 26 richest billionaires now own as much as the 3.8 billion who comprise the bottom half of the planet’s population.

If Davos's attendees ignore all this, and blame the rise of right-wing populism around the globe on racism fueled by immigrants from the Middle East and from Central America, they're deluding themselves.

The real source of the rise of repressive authoritarianism, nativism, and xenophobia in the United States as well as Italy, Spain, Austria, Poland, Hungary, Denmark, Bulgaria, Greece, France, and Britain is a pervasive sense that elites are rigging the world economy for themselves. And, guess what? They are.

Message to Davos Man (and Women): Either commit to pushing for broader prosperity and democracy, or watch as trade wars, capital controls, and isolationism erode global prosperity (including yours) and global peace.

I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?

The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.

We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.

–David Dayen, Executive Editor