Uncertain future for Davos Man

The wealthy business executives and global elites who gathered last month at the World Economic Forum in Davos, Switzerland, are facing an uncertain future.

- LEE BYUNG-JONG

On the one hand, Donald Trump's return to the White House, coupled with his neoliberal, business-friendly agenda, offers the prospect of continued globalization to bolster their wealth. Tax cuts, deregulation and corporate-friendly policies align with their interests. On the other hand, Trump's protectionist rhetoric - marked by threats of high tariffs and economic nationalism - casts doubt on the long-term sustainability of globalization, leaving the so-called "Davos Man" unsure of what lies ahead.

The term "Davos Man," coined by political scientist Samuel Huntington in the early 2000s, describes the ultra-wealthy executives and owners of multinational corporations who view themselves as global citizens rather than tied to any one nation. These elites have reaped massive benefits from decades of globalization, often at the expense of workers and local economies. Critics, including New York Times journalist Peter S. Goodman, have pointed out the darker side of this system.

In his 2022 book, "Davos Man: How the Billionaires Devoured the World," Goodman argues that globalization has exacerbated inequality, weakened social safety nets and enabled the Davos elite to amass unparalleled wealth. By highlighting the stark contrast between billionaires like Jeff Bezos and struggling workers worldwide, Goodman critiques the Davos Forum as a platform that legitimizes unfair global systems under the guise of progress.