Economic Indicators and Various Reports On It- GDP, FD, EODB, WIR etc

What is The Great Reset?


From UPSC perspective, the following things are important :

Prelims level: WEF

Mains level: The Great Reset

This news card is an excerpt from the original article published in The Indian Express and is articulated by C. Raja Mohan.

The Great Reset

  • The Great Reset is a proposal by the World Economic Forum (WEF) to rebuild the economy sustainably following the COVID-19 pandemic.
  • It was unveiled in May 2020 by the United Kingdom’s Prince Charles and WEF director Klaus Schwab.

The basis for the said reset

  • It is based on the assessment that the world economy is in deep trouble.
  • Schwab has argued that the situation has been made a lot worse by many factors, including the pandemic’s devastating effects on global society, the un- folding technological revolution, and the consequences of climate change.
  • He demands that the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions.
  • Every country must participate, and every industry, from oil and gas to tech, must be transformed.

Agenda behind

The agenda of The Great Reset touches on many key issues facing the world a/c to C Raja Mohan. Three of them stand out as:

First is the question of reforming capitalism

  • The WEF has been at the forefront of calling for “stakeholder capitalism” that looks beyond the traditional corporate focus on maximizing profit for shareholders.

Second, it is certainly right to focus on the deepening climate crisis

  • Climate skeptics have been ousted from Washington and President Biden has rejoined the 2015 Paris accord on mitigating climate change.

The third is the growing difficulty of global cooperation

  • The era of great power harmony that accompanied the liberalization of the global economy at the turn of the 1990s has yielded place to intense contestation. The contestation is not just political but increasingly economic and technological.

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