The Great Reset is capitalism’s midlife crisis—a radical plan to overhaul the global economy, unveiled by the World Economic Forum, that promises to make the world more inclusive, sustainable, and digital. It’s the kind of grand idea you’d pitch after three espressos and a TED Talk binge.
In a nutshell, the Great Reset is a plan to rebuild the global economy post-pandemic. Think of it as capitalism’s attempt to go green by rethinking everything from how we work to what we value. Cars? gone. Material possessions? All rented; nothing owned. Green energy on every block? You bet.
“You will own nothing and be happy” is the controversial rallying cry behind these guys.
For years, the WEF has stood by the Great Reset, but WEF founder Klaus Schwab is now pivoting to a new plan called “The Great Narrative.” The book is broken into four solutions: 1) economic, 2) environmental, 3) social, and 4) technological. Here’s what they want.
The Economic Manifesto
““Times of unprecedented change, with major economic, environmental, geopolitical, societal and technological challenges that coincide and amplify each other, require unprecedented action.”— Klaus Schwab
Many economic solutions in “The Great Narrative” sound like communism. The government owns everything; you own nothing. If you’re unhappy about it, there’s the Ministry of Love to show you the right way.
The book addresses several ugly economic truths:
- Post-COVID, we see a V-shaped recovery in most global powers, but no recovery in emerging markets — Mexico and Brazil, for instance.
- Economic growth is slowing across the board.
- Rampant inflation.
- National currencies are competing with cryptocurrencies.
“The Great Reset” was about eliminating private property by transitioning to a rent-centered economy like a giant Airbnb. “The Great Narrative” is about promoting multipolarity instead of unipolarity. Multipolarity means ending the current US hegemony, which leaves room for new players like China, India, developing African nations and the EU.
“What we have to confront is a deep, systemic, and structural restructuring of our world,” says Schwab.
Environment: The Greatest Problem?
“ ESG criteria “will remain a fiction”? until an effective global carbon tax is imposed, consistent ESG standards are implemented, and a set of broad-based regulations penalize bad behaviour.” — The Great Narrative
Much of the “Great Narrative” focuses on the environment. Schwab claims we fall short of our collective commitment to reducing our carbon footprint. “The Great Narrative’s” solutions are as follows:
- To force all corporations to adopt Environmental Social Governance standards (ESG) through top-down authority.
- Normalize ESG so that people won’t work for a company that doesn’t promote it or buy from a company unless they are ESG compliant.
- Move from an economy of consumption to an economy of sharing.
As I read the book, I wondered: “Don’t the environmental goals clash with the economic ones?” It might harm both. Something to consider.
Society: The Biggest Challenge is Inequality
“The Great Narrative” sees many problems with society, such as a historically low trust in public institutions and a disconnect between the value of a job and the pay.
It’s hard to disagree with any of that. Movements like “quiet quitting” and “anti-work” reached a fever pitch last year. Something broke inside of us post-pandemic, like Christian Bale in American Psycho.
“The Great Narrative’s” solutions are as follows: “a broader, if not universal, provision of social assistance, social insurance, healthcare and basic quality services… in addition, a critical aspect of a new social contract pertaining to liberties and freedom, at least in democratic countries.”
Universal basic income. Eh. What do you think?
Tech: Civil Liberties Will Vanish ‘to Save Society’
“Sometimes the same technological change can be regarded optimistically by some and pessimistically by others.” — Great Narrative
There are 700 million CCTVs in China. Smile for the government.
“The Great Narrative” lauds technological innovation like AI, automation, the Internet of Things, biocomputing, and blockchain but also says these things might destroy privacy and civil liberties, and they want that.
At least they’re honest.
Final Thought
“The Great Narrative” is astonishing because it relies heavily on interviews with 50 global thinkers, most from US and UK-based institutions. This bias towards the Western world has led to a one-sided perspective and a clear political left-leaning ideology in the book.
That said… I think many of the problems outlined in the book must be addressed.
Yet the whole “we face multiple existential crises and need top-down control faster than ever” narrative is a quick ticket toward fascism. While “The Great Narrative” is thought-provoking, it should be taken with a grain of salt, like everything the WEF does.
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