Great Reset
Economic Recovery Initiative
CLASSIFICATION: Financial Crime
LOCATION
Davos, Switzerland
TIME PERIOD
2020
VICTIMS
0 confirmed
In June 2020, the World Economic Forum (WEF) launched the Great Reset Initiative as an economic recovery plan in response to the COVID-19 pandemic, with a focus on sustainable development. The initiative was introduced by WEF chairman Klaus Schwab and featured a video with then-Prince Charles, outlining three core components: a stakeholder economy, resilient and equitable growth, and leveraging innovations from the Fourth Industrial Revolution. The initiative faced criticism for promoting economic deregulation and perceived undue influence of multinational corporations over government policy, leading to a proliferation of conspiracy theories suggesting that the pandemic was engineered to facilitate global control. The current status of the initiative remains contentious, with ongoing debates about its implications for global governance and economic policy. Significant evidence includes public statements from WEF leaders and the widespread dissemination of conspiracy theories across social media platforms.
The Great Reset is viewed by some as a cover for global elites to consolidate power and control over economies and societies, leading to a belief that it may result in increased surveillance and loss of individual freedoms. Critics argue that it promotes economic deregulation favoring large multinational corporations while undermining democratic processes. There are also concerns that the initiative may lead to a form of technocracy, where decisions are made by experts rather than elected representatives.
The Great Reset: Reimagining Our Future
In the throes of the COVID-19 pandemic, a global initiative known as the Great Reset emerged from the corridors of the World Economic Forum (WEF) as a blueprint for economic recovery. Launched in June 2020, this ambitious plan sought to rebuild from the pandemic’s devastation with a focus on sustainable development. The initiative was heralded by a video featuring Charles, the then-Prince of Wales, who underscored the urgency and significance of this endeavor.
A New Vision for the Future
Klaus Schwab, the WEF chairman at the time, articulated the Great Reset’s three foundational pillars: fostering a “stakeholder economy,” constructing a more resilient, equitable, and sustainable world using environmental, social, and governance (ESG) metrics, and embracing the innovations of the Fourth Industrial Revolution. The International Monetary Fund’s director, Kristalina Georgieva, echoed these sentiments, emphasizing the need for green, smarter, and fairer growth as part of a sustainable response to the crisis.
The annual WEF summit in Davos, Switzerland, was to spotlight the Great Reset in January 2021. However, the pandemic’s disruptions delayed the event until May 2021, and again to 2022. By then, the theme had shifted to "History at a Turning Point," reflecting the global upheaval, including the Russian invasion of Ukraine.
Criticism and Controversy
Despite its noble intentions, the Great Reset faced a barrage of criticism. Detractors accused the WEF of promoting economic deregulation and granting undue influence to large multinational corporations at the expense of governmental authority. Some critics also argued that the initiative overemphasized health and underestimated the complexities of global change, while others labeled it as crony capitalism.
The initiative also became a breeding ground for conspiracy theories, particularly among conservative commentators on platforms like YouTube, Facebook, and Twitter. These unfounded narratives alleged that the pandemic was orchestrated by a secretive cabal to seize control of the global economy, that lockdowns were engineered to precipitate economic collapse, or that a global elite aimed to eradicate private property and enslave humanity through vaccination programs. Theories intensified when world leaders like U.S. President Joe Biden, New Zealand Prime Minister Jacinda Ardern, and Canadian Prime Minister Justin Trudeau spoke of a post-COVID-19 "reset."
Key Components of the Reset
By mid-April 2020, as the world grappled with the pandemic, the COVID-19 recession, and the oil price collapse sparked by the Russia–Saudi Arabia oil price war, former Bank of England Governor Mark Carney highlighted possible fundamental changes. He noted that stakeholder capitalism would be scrutinized based on how companies treated employees, suppliers, and customers during the crisis. Carney argued that a new hierarchy of values would emerge, demanding a reset in addressing global issues like climate change in solidarity.
A WEF article dated May 15, 2020, posited that COVID-19 was an opportunity to realign the world with the United Nations 2030 Sustainable Development Goals. This included reshaping labor markets, accelerating the transition to remote work, and preparing for the Fourth Industrial Revolution by enhancing worker skills. Food security also emerged as a concern, with the WEF advocating for global policy coordination to prevent food protectionism.
The Great Reset Agenda
The Great Reset forum, a collaboration between the WEF and then-Prince of Wales Charles, was inaugurated by IMF’s Georgieva in June 2020. She stressed the importance of fiscal stimulus leading to a greener, smarter, and fairer world. Schwab, in a detailed plan co-authored with economist Thierry Malleret, outlined the Great Reset's core elements: promoting stakeholder economy, investing in sustainable infrastructure, and leveraging Fourth Industrial Revolution technologies for public benefit.
Charles III, advocating for sustainability, emphasized carbon pricing and the crucial role of the private sector in driving the plan. The market needed to adjust to the current reality by fostering fairer outcomes and advancing ecological investments. Schwab envisioned this as an enhancement of capitalism, not its overhaul, positioning it as responsible capitalism.
The Brookings Institution framed the response to the COVID-19 crisis in three phases: response, recovery, and a long-term reset to achieve a new equilibrium among political, economic, social, and environmental systems.
The Fourth Industrial Revolution
Schwab's concept of the Fourth Industrial Revolution, introduced in 2015, highlighted a fusion of technologies blurring the lines between physical, digital, and biological spheres. This revolution, characterized by advancements in AI, robotics, IoT, and more, was seen as pivotal to the Great Reset.
Ida Auken, a Danish MP and young global leader, envisioned a future where digitized technologies improved lives by 2030. Her scenario, initially titled "Welcome to 2030. I own nothing, have no privacy, and life has never been better," faced criticism for its utopian portrayal. Auken later clarified the article's intent to spark debate on technological development's pros and cons.
Advancing the Great Reset
Throughout 2020, the Great Reset Dialogues initiated multi-year projects, including a digital transformation program to explore the pandemic-induced acceleration of digital ecosystems. These discussions aimed to prepare organizations for a future where digital skills would be paramount.
Even with its challenges, the Great Reset continued to influence global discourse. The 2022 Davos summit, dominated by the Ukraine crisis, retained the theme "History at a Turning Point," underscoring the ongoing geopolitical and economic shifts.
Endorsements from Global Leaders
Prominent figures like Canadian Prime Minister Justin Trudeau, U.S. President Joe Biden, and former New Zealand Prime Minister Jacinda Ardern endorsed the notion of "building back better." Former UK Prime Minister Boris Johnson also supported this vision.
Canada’s Role
In a June 2020 meeting with Charles III and Commonwealth representatives, Trudeau highlighted the Commonwealth’s role in fostering dialogue on sustainable development. This echoed his earlier collaboration with Jamaica’s Prime Minister Andrew Holness on a global response to the pandemic’s economic and human impacts.
At the Victoria Forum 2020, the Bank of Canada’s Governor discussed COVID-19’s worldwide structural shock. He urged governments, financial sectors, and households to prepare for transitions using scenario analysis amidst uncertainties in climate change, policy, and technology.
Sources
For further details, visit the Wikipedia page on the Great Reset.
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In June 2020, the World Economic Forum (WEF) launched the Great Reset Initiative as an economic recovery plan in response to the COVID-19 pandemic, with a focus on sustainable development. The initiative was introduced by WEF chairman Klaus Schwab and featured a video with then-Prince Charles, outlining three core components: a stakeholder economy, resilient and equitable growth, and leveraging innovations from the Fourth Industrial Revolution. The initiative faced criticism for promoting economic deregulation and perceived undue influence of multinational corporations over government policy, leading to a proliferation of conspiracy theories suggesting that the pandemic was engineered to facilitate global control. The current status of the initiative remains contentious, with ongoing debates about its implications for global governance and economic policy. Significant evidence includes public statements from WEF leaders and the widespread dissemination of conspiracy theories across social media platforms.
The Great Reset is viewed by some as a cover for global elites to consolidate power and control over economies and societies, leading to a belief that it may result in increased surveillance and loss of individual freedoms. Critics argue that it promotes economic deregulation favoring large multinational corporations while undermining democratic processes. There are also concerns that the initiative may lead to a form of technocracy, where decisions are made by experts rather than elected representatives.
The Great Reset: Reimagining Our Future
In the throes of the COVID-19 pandemic, a global initiative known as the Great Reset emerged from the corridors of the World Economic Forum (WEF) as a blueprint for economic recovery. Launched in June 2020, this ambitious plan sought to rebuild from the pandemic’s devastation with a focus on sustainable development. The initiative was heralded by a video featuring Charles, the then-Prince of Wales, who underscored the urgency and significance of this endeavor.
A New Vision for the Future
Klaus Schwab, the WEF chairman at the time, articulated the Great Reset’s three foundational pillars: fostering a “stakeholder economy,” constructing a more resilient, equitable, and sustainable world using environmental, social, and governance (ESG) metrics, and embracing the innovations of the Fourth Industrial Revolution. The International Monetary Fund’s director, Kristalina Georgieva, echoed these sentiments, emphasizing the need for green, smarter, and fairer growth as part of a sustainable response to the crisis.
The annual WEF summit in Davos, Switzerland, was to spotlight the Great Reset in January 2021. However, the pandemic’s disruptions delayed the event until May 2021, and again to 2022. By then, the theme had shifted to "History at a Turning Point," reflecting the global upheaval, including the Russian invasion of Ukraine.
Criticism and Controversy
Despite its noble intentions, the Great Reset faced a barrage of criticism. Detractors accused the WEF of promoting economic deregulation and granting undue influence to large multinational corporations at the expense of governmental authority. Some critics also argued that the initiative overemphasized health and underestimated the complexities of global change, while others labeled it as crony capitalism.
The initiative also became a breeding ground for conspiracy theories, particularly among conservative commentators on platforms like YouTube, Facebook, and Twitter. These unfounded narratives alleged that the pandemic was orchestrated by a secretive cabal to seize control of the global economy, that lockdowns were engineered to precipitate economic collapse, or that a global elite aimed to eradicate private property and enslave humanity through vaccination programs. Theories intensified when world leaders like U.S. President Joe Biden, New Zealand Prime Minister Jacinda Ardern, and Canadian Prime Minister Justin Trudeau spoke of a post-COVID-19 "reset."
Key Components of the Reset
By mid-April 2020, as the world grappled with the pandemic, the COVID-19 recession, and the oil price collapse sparked by the Russia–Saudi Arabia oil price war, former Bank of England Governor Mark Carney highlighted possible fundamental changes. He noted that stakeholder capitalism would be scrutinized based on how companies treated employees, suppliers, and customers during the crisis. Carney argued that a new hierarchy of values would emerge, demanding a reset in addressing global issues like climate change in solidarity.
A WEF article dated May 15, 2020, posited that COVID-19 was an opportunity to realign the world with the United Nations 2030 Sustainable Development Goals. This included reshaping labor markets, accelerating the transition to remote work, and preparing for the Fourth Industrial Revolution by enhancing worker skills. Food security also emerged as a concern, with the WEF advocating for global policy coordination to prevent food protectionism.
The Great Reset Agenda
The Great Reset forum, a collaboration between the WEF and then-Prince of Wales Charles, was inaugurated by IMF’s Georgieva in June 2020. She stressed the importance of fiscal stimulus leading to a greener, smarter, and fairer world. Schwab, in a detailed plan co-authored with economist Thierry Malleret, outlined the Great Reset's core elements: promoting stakeholder economy, investing in sustainable infrastructure, and leveraging Fourth Industrial Revolution technologies for public benefit.
Charles III, advocating for sustainability, emphasized carbon pricing and the crucial role of the private sector in driving the plan. The market needed to adjust to the current reality by fostering fairer outcomes and advancing ecological investments. Schwab envisioned this as an enhancement of capitalism, not its overhaul, positioning it as responsible capitalism.
The Brookings Institution framed the response to the COVID-19 crisis in three phases: response, recovery, and a long-term reset to achieve a new equilibrium among political, economic, social, and environmental systems.
The Fourth Industrial Revolution
Schwab's concept of the Fourth Industrial Revolution, introduced in 2015, highlighted a fusion of technologies blurring the lines between physical, digital, and biological spheres. This revolution, characterized by advancements in AI, robotics, IoT, and more, was seen as pivotal to the Great Reset.
Ida Auken, a Danish MP and young global leader, envisioned a future where digitized technologies improved lives by 2030. Her scenario, initially titled "Welcome to 2030. I own nothing, have no privacy, and life has never been better," faced criticism for its utopian portrayal. Auken later clarified the article's intent to spark debate on technological development's pros and cons.
Advancing the Great Reset
Throughout 2020, the Great Reset Dialogues initiated multi-year projects, including a digital transformation program to explore the pandemic-induced acceleration of digital ecosystems. These discussions aimed to prepare organizations for a future where digital skills would be paramount.
Even with its challenges, the Great Reset continued to influence global discourse. The 2022 Davos summit, dominated by the Ukraine crisis, retained the theme "History at a Turning Point," underscoring the ongoing geopolitical and economic shifts.
Endorsements from Global Leaders
Prominent figures like Canadian Prime Minister Justin Trudeau, U.S. President Joe Biden, and former New Zealand Prime Minister Jacinda Ardern endorsed the notion of "building back better." Former UK Prime Minister Boris Johnson also supported this vision.
Canada’s Role
In a June 2020 meeting with Charles III and Commonwealth representatives, Trudeau highlighted the Commonwealth’s role in fostering dialogue on sustainable development. This echoed his earlier collaboration with Jamaica’s Prime Minister Andrew Holness on a global response to the pandemic’s economic and human impacts.
At the Victoria Forum 2020, the Bank of Canada’s Governor discussed COVID-19’s worldwide structural shock. He urged governments, financial sectors, and households to prepare for transitions using scenario analysis amidst uncertainties in climate change, policy, and technology.
Sources
For further details, visit the Wikipedia page on the Great Reset.
No Recent News
No recent news articles found for this case. Check back later for updates.
No Evidence Submitted
No evidence found for this case. Be the first to submit evidence in the comments below.
Join the discussion
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