This led to a new system of interlinked exchange rates organised around a gold-backed US dollar, as well as new institutions to help manage it, including the International Monetary Fund and what later became the World Bank. The allies met at Bretton Woods, New Hampshire, in the US in 1944 to develop policies for economic stability. When the world next sought to prevent future conflicts towards the end of the second world war, the lessons were to some extent learned from last time around. But this ultimately failed to deliver, with the UK’s insistence on post-war reparations undermining Germany’s economic recovery and political stability.įirst meeting of Assembly of the League of Nations in November 1920. After the first world war, the UK played a pivotal role in forming the League of Nations on the international stage. This is not the first time that global crises have required global action, but there have been mixed results in the past. So how successful is the WEF’s mission likely to be? Lessons from history To give just one example, the COVID-19 mortality rate in England in December was over twice as high in the most deprived areas than the least deprived. This recognises that the effects of the pandemic are likely to be increasingly compounded by other major global threats, including the climate crisis, financial crises, and social and economic inequality. The event will be accompanied by virtual events in 430 cities across the world, to emphasise the fact that we face global challenges that require global solutions and action. “A crucial year to rebuild trust” is the theme, built around the “great reset” that World Economic Forum (WEF) founder Klaus Schwab and Prince Charles launched last year. Inevitably, the event for the 1,200-plus delegates from 60 countries aims to respond to the apocalyptic events of the past 12 months. Whereas this is famously the annual gathering at the Davos ski resort in Switzerland of global leaders from business, government and civil society, this year’s event will take place virtually because of the pandemic. The 51st World Economic Forum starts on January 25, but with a major difference.
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