Davos Man’s Depression
Every year, the leaders who gather at Davos typically share a sunny optimism about how globalization, technology, and markets are transforming the world for the better. What was most striking this year was not the gloomy consensus forecast for the world economy, but the participants' utter loss of faith in markets.
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NEW YORK – For 15 years, I have attended the World Economic Forum in Davos. Typically, the leaders gathered there share their optimism about how globalization, technology, and markets are transforming the world for the better. Even during the recession of 2001, those assembled in Davos believed that the downturn would be short-lived.