Klaus Schwab, the World Economic Forum’s President, and Executive Director, the Organization he created is more than 45 years old.
Life as the European Management Board started in 1971 with the World Economic Forum. It was the vision of a young professor in business school, Klaus Schwab. Schwab has put together more than 400 conference participants in a town in the Swiss Alps. The Organization that Klaus Schwab leads today was his achievement.
The World Economic Forum ‘s purpose is reflected in its slogan: “engaged in changing the condition of the planet.” This goal is achieved by including companies, policymakers, scholars, and other civic stakeholders in influencing national, state, and industry agendas.
The concept of the World Economic Forum was followed by Klaus Schwab on the premise that economic growth is untenable without social advancement, whereas social development is unlikely without economic progress.
The World Economic Forum is a multinational body that is founded as a non-profit institution in Switzerland. The World Economic Forum got its original name in 1987. Klaus Schwab further represented the regional scope of its operations. Klaus Schwab described the Forum as “business in the global public interest.”
The Schwab Foundation for Social Entrepreneurship founded the World Economic Forum. Established in 1998 by Klaus Schwab and his wife Hilde, it aims to recognize, acknowledge, and connect individuals who create successful and productive social organizations. Klaus Schwab has set up The Network of Young Global Leaders-a group of motivated and innovative leaders from the 1940s-to discuss the agreement that holistic approaches are required for the problems facing the planet.
Ravensburg, Germany, is the birthplace of Klaus Schwab, who was born in 1938. His parents all come from Switzerland. “The aftermath of the crisis at the time of conflict had an immense effect on me. I was very involved in peace and discussion”.
Schwab earned two PhDs, one in engineering and one in sociology and social sciences. Klaus Schwab served one year at Harvard University and became the youngest professor at Geneva University.
In Geneva, in the evolving region, Klaus Schwab created the “stakeholder hypothesis” of academic research for the world of industry, the fundamental concept behind his future work at the World Economic Forum. Klaus Schwab also explained that corporations represent not only creditors but also of their Organization’s stakeholders. It encompasses those social institutions directly or indirectly related to a corporation that relies on their performance and profitability, not just shareholders and investors but also employees, consumers, vendors, the state and the community under which the business works.
Klaus Schwab views itself as ‘the cluster’ of various actors of society at the World Economic Forum. He explains: “As a non-decision making agency, the World Economic Forum offers a gathering for policies, projects, and task forces, for each member to express their views based on the latest policy perspectives.”
Adds Schwab: “I trust in the connection between economic growth and social change. I assume that the states themselves can not solve global problems nowadays, nor can they be industry alone, nor can NGOs.
“We need to build opportunities at the World Economic Forum for the three major pillars of democracy, policy, industry, and civil society to engage with and discuss the challenges that we face on the global agenda,” said Klaus Schwab.