World Economic Forum

The mood at Davos has always reflected the world's financial state. From the mid-1980s until 2008 all eyes would turn to the small Swiss mountain village each January as CEOs, finance ministers and the media partook in what was often seen as a five day party.

However, things are sure to be different this year, just as they were in 2009. In fact, the founder of the World Economic Forum, Klaus Schwab, said this year's meeting won't be a party, and that the mood would be "one of reflection."

In an interview with the Associated Press, Schwab said that "there is nothing at the moment to be celebrating," and added that past models of financial governance must change to avoid future crises, suggesting that managers should not need bonuses to remain committed to their jobs.

The main topics over the coming five days are sure to be the continuing financial trouble suffered around the world, along with how to make more responsible banks. A meeting of the world's richest people also would not be complete without discussing this year's social cause - which happens to be Haiti - and what the world is going to do about the environment since the perceived failure of the Copenhagen summit.

But this is the tenth major forum since Wall Street came to an abrupt halt back in September 2008. And, at least according to Peter Wahl with the anti-globalization organization WEED, not a whole lot has come out of any of them.

"At the moment everyone is just thinking about how they could do things differently," he said. "But this process still has not come to a conclusion and practically nothing has really been done politically to regulate the financial markets."

Global survey shows low public opinion

The motto of this year's summit, "Improve the State of the World: Rethink, Redesign, Rebuild," is understandable considering that most of the world looks pretty poorly on the people who normally attend Davos. In a survey of 130,000 people in 10 of the G20 nations, two-thirds of respondents said that what happened in 2008 wasn't merely a financial crisis, but a values and ethics one as well.

And the number of those who believed that the global economy was ruled by ethical values was even worse. Only a quarter of the people surveyed thought that multinational companies actually use ethical thinking when doing business.

This should come as no surprise to anyone, according to Cormac Cullinan, one of the world's leading environmental lawyers. He said that we have long been at the point where we need a new way to measure values, especially in the financial world.

Cullinan worked in more than 20 countries as a lawyer for various causes. A native South African, he was an anti-Apartheid activist and helped write South African environmental legislation.

Cullinan said sustainability cannot only be a word associated with the environment and that we can make "a sustainable global economy."

Fewer big names making the trip

More than 2,500 people are expected to attend the conference. And while that's roughly the same number as last year, the list of heads of state and government is noticeably lighter.

In 2009 the keynote speeches were given by Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin, while this year that honor has been given to Canadian Prime Minister Stephen Harper.

Both Russia and China were hit hard by global economic crisis and Wen made sure to let the world know who he thought was responsible for the mess, lashing out at American and European bankers. This year the two countries will be represented by lower ranking officials.

However, there will not be a total lack of big names this year. French President Nicolas Sarkozy, who has been advocating a redesign of global capitalism in the time since the economic crisis hit, is set to open the forum with a speech.

He will be joined by Presidents Luiz Inacio Lula da Silva of Brazil, Lee Myung-Bak of South Korea and Jacob Zuma of South Africa and Prime Minister Luis Rodriguez Zapatero of Spain.

All things considered, participants do expect things to be a little more celebratory than they were one year ago. The global economy is showing signs of growth. This year also marks the 40th anniversary of the summit and celebrating important milestones can often provide a little perspective.

Author: Mark Mattox (dpa/Reuters/AP)
Editor: Stuart Tiffen