World Economic Forum – Definition

Cite this article as:"World Economic Forum – Definition," in The Business Professor, updated September 10, 2019, last accessed October 25, 2020, https://thebusinessprofessor.com/lesson/world-economic-forum-definition/.

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World Economic Forum Definition

The World Economic Forum is an organization that conducts yearly meetings for discussing serious issues involving political, social, economical, and environmental areas associated with the world. Its headquarters are located in Geneva, Switzerland.

A Little More on What is the World Economic Forum

The World Economic Forum includes members from the public and private sector, and further involve reputed CEOs, famous personalities, government officers, spiritual leaders, union representatives throughout the world.

The WEF was established in 1971 with a mission revolving around the stakeholder theory. This theory states that even if it is the primary objective of the private sector to maximize its shareholders’ wealth, it is important for the firm to involve the remaining society in owning a stake or for participating in the company’s operations. Stakeholders including customers, creditors, domestic and international community, and employees should receive the privilege to take company’s decisions.

Funding of the World Economic Forum

The World Economic Forum funds itself from its own members that include pioneers in the industry having companies with an annual turnover of at least $5 billion and several celebrities, journalists, and other individuals who can pay expenses for attending meetings followed by annual dues. While regional meetings are organized in developing countries like Africa, Latin America, etc, the big yearly meeting takes place in Davos, Switzerland.

World Economic Forum tends to bring in and discuss trending issues with its member nations and the general public. Further, they enable the evolution of agendas for public and corporate sector in order to take effective decisions in future. It conducts research into fields that are of huge importance for its members, and also motivates the amalgam of public and private sector, and efficacious communication among its member countries.

Annual meeting of the World Economic Forum

Every year, the World Economic Forum holds its official meeting in Davos, Switzerland. The meeting consists of around 2500 individuals belonging to different nations. The world press records every minute of this meeting. Davos meetings held in the past have made government leaders discuss political tensions with different countries, thereby increasing the status of the annual meeting to political and economic forum. Klaus Schwab (a professor of Business at the University of Geneva), the founder of WEF had a vision to aid countries in matters related to international tensions or conflicts followed by the encouragement of superior practices in global business management. Schwab works as the Executive Chairman for the WEF. Besides its headquarters in Geneva, the organization operates in New York, Tokyo, and Beijing. In 2017, it also opened another office in San Francisco. The title of the most recent meeting held in Jan 2018 was ‘Creating a Shared Future in a Fractioned World’.

References for “World Economic Forum

https://en.wikipedia.org/wiki/World_Economic_Forum

https://www.linkedin.com/company/world-economic-forum

https://www.weforum.org/

Academic research for “World Economic Forum

How powerful are transnational elite clubs? The social myth of the World Economic Forum, Graz, J. C. (2003). How powerful are transnational elite clubs? The social myth of the World Economic Forum. New Political Economy, 8(3), 321-340.

Davos woman to the rescue of global capitalism: Postfeminist politics and competitiveness promotion at the World Economic Forum, Elias, J. (2013). Davos woman to the rescue of global capitalism: Postfeminist politics and competitiveness promotion at the World Economic Forum. International Political Sociology, 7(2), 152-169.

World Economic Forum, InBev, A. B., Worldwide, A. P. C. O., Auto, B., Chance, C., DHL, D. P., Embraer, S. A., … & Mutual, O. (2013). World Economic Forum.

[PDF] Remarks at the World Economic Forum, Powell, C. (2003). Remarks at the World Economic Forum. Davos, Switzerland, January, 26.

[PDF] World economic forum, Gap, G. G. (2017). World economic forum. Cologny/Geneva.

Influence of an event on a destination’s image—The case of the annual meeting of the World Economic Forum (WEF) in Davos/Switzerland, Erfurt, R. A., & Johnsen, J. (2003). Influence of an event on a destination’s image—The case of the annual meeting of the World Economic Forum (WEF) in Davos/Switzerland. Tourism Review, 58(4), 21-27.

Correlation between the state of cluster development and national competitiveness in the Global Competitiveness Report of the World Economic Forum 2012–2013, Paraušić, V., Cvijanović, D., Mihailović, B., & Veljković, K. (2014). Correlation between the state of cluster development and national competitiveness in the Global Competitiveness Report of the World Economic Forum 2012–2013. Economic research-Ekonomska istraživanja, 27(1), 662-672.

A Multifunctional Case Study for Teaching International Political Economy: The World Economic Forum as Shar–pei or Wolf in Sheep’s Clothing?, Pigman, G. A. (2002). A Multifunctional Case Study for Teaching International Political Economy: The World Economic Forum as Shar–pei or Wolf in Sheep’s Clothing?. International Studies Perspectives, 3(3), 291-309.

Values aligned: the organization of conflicting values within the World Economic Forum, Garsten, C., & Sörbom, A. (2014). Values aligned: the organization of conflicting values within the World Economic Forum. Configuring value conflicts in markets, 159-177.

Wellness in the workplace: a multi-stakeholder health-promoting initiative of the World Economic Forum, Leurent, H., Reddy, K. S., Voûte, J., & Yach, D. (2008). Wellness in the workplace: a multi-stakeholder health-promoting initiative of the World Economic Forum. American Journal of Health Promotion, 22(6), 379-379.

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