‘We’re moving from an era of capitalism to an era of talentism’: Klaus Schwab, ASEAN Summit

World Economic Forum (WEF) founder Klaus Schwab says we are moving from an era of capitalism to an era of talentism.

Speaking today at the 43rd ASEAN Summit in Jakarta, Indonesia, Schwab was asked about the roles of innovation and regulation in what the moderator called “governance 4.0.”

The WEF founder said that with the fusion of corporation and state, aka “public-private cooperation” we would see a shift from “the era of capitalism to the era of talentism,” where innovation becomes the “key competitive factor.”

“If you look at private-public cooperation, I think we have to find very flexible ways to coordinate the efforts,” said Schwab, adding, “I mean governments still provide direction, but business provides the innovative power.”

“I would argue that long-term, with all the importance of capital, we move from the era of capitalism to the era of talentism, which means that the key competitive factor will become innovation — and not anymore low-cost or the availability of capital. Of course they are necessary, but the decisive factor will be the innovative capacity and power of a country.”

The unelected globalist architect of the great reset agenda went on to praise businesses for embracing stakeholder capitalism, which Schwab has been promoting since the 1970s.

“I think we move not only from capitalism to talentism in some way, but even more important, we move from shareholder capitalism to stakeholder capitalism,” said Schwab, adding, “I’m very proud to see how the business community has embraced this concept, which is now very much under-contested in certain other parts of the world.

“Business is not only here to create prosperity; I think business has also a social role, which means to serve society and to take care of the environment.

“We have to build this notion of stakeholder capitalism into all of our activities as business leaders.”

In stakeholder capitalism, authority comes from the fusion of governments, corporations, and civil society, the latter meaning groups like NGOs and academia.

Those who promote stakeholder capitalism also push for Environmental and Social Governance (ESG) and net-zero policies, which are all part of the great reset agenda to reshape society and the global economy.