The Great Reset is an initiative by the World Economic Forum. It has been conceptualised by the founder and executive chairman of the WEF, Klaus Schwab.
- According the the World Economic Forum, there is an urgent need for global stakeholders to cooperate in simultaneously managing the direct consequences of the COVID-19 crisis. To improve the state of the world, it has started ‘The Great Reset initiative’.
Three Components of The Great Reset
The Great Reset agenda would have three main components.
- 1. The first would steer the market toward fairer outcomes. To this end, governments should improve coordination (for example, in tax, regulatory, and fiscal policy), upgrade trade arrangements, and create the conditions for a “stakeholder economy.”
- 2. Ensure that investments advance shared goals, such as equality and sustainability. Rather than using these funds, as well as investments from private entities and pension funds, to fill cracks in the old system, we should use them to create a new one that is more resilient, equitable, and sustainable in the long run.
- 3. To harness the innovations of the Fourth Industrial Revolution to support the public good, especially by addressing health and social challenges.
(Source: WEF)
