Expanding the Legacy
Expanding the Legacy
This week, a colourful cabal of cognoscenti gathered in Davos to offer diverse takes on the world’s most pressing issues. With climate change, war, pestilence, and a host of lesser plagues assailing the global village, there is no dearth of troubles nor a shortage of talking heads to address them. During a luncheon of the World Economic Forum’s International Business Council on Wednesday, Citigroup CEO Jane Fraser helpfully quipped that we all need to be mindful of the three Rs: Russia, Recession, and Rates.
The embarrassment of riches is mostly lost on today’s billionaires. The phrase was originally coined by British historian Simon Schama to denote public morals in the 17th century Dutch Republic. While the rich were widely admired for their accomplishments, any public display of wealth met with sharp disapproval. This Calvinistic take on the behavioural responsibilities of the well-heeled has been replaced by shameless voyeurism in which the have-nots drown their own misery gaping at the profligate haves as they play with expensive toys and dwell in palatial mansions whilst showcasing both material excess and intellectual dearth.
On the eve of its annual flagship meeting in the Swiss Alpine village Davos, the World Economic Forum (WEF) has released a fourteen-point discussion paper on inclusive growth and the need to shrink the widening income gap. The forum calls on the world’s policymakers to refrain from ‘vaguely aspirational’ talk and tackle growing inequality in more ‘concrete’ ways.
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