Stakeholder Capitalism. Klaus Schwab

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       Library of Congress Cataloging-in-Publication Data is Available:

      ISBN 9781119756132 (Hardcover)

      ISBN 9781119756156 (ePDF)

      ISBN 9781119756149 (ePub)

      COVER ART & DESIGN: PAUL MCCARTHY

      To my parents, Eugen Wilhelm Schwab (†) and Erika Epprecht (†), who taught me firsthand the value of education, collaboration, and the stakeholder principle

About the Authors

      Professor Klaus Schwab is the founder and executive chairman of the World Economic Forum. In 1971, he first published Modern Enterprise Management in Mechanical Engineering. In the book, he argues that a company must serve not only shareholders but all stakeholders to achieve long-term growth and prosperity. To promote the stakeholder concept, he founded the World Economic Forum the same year.

      Since his first publication, Schwab has authored and co-authored various books and reports, including the yearly World Economic Forum Global Competitiveness Report (1979–present), The Fourth Industrial Revolution (2016), a worldwide best seller translated into 30 languages, Shaping the Future of the Fourth Industrial Revolution (2018, with Nicholas Davis), and COVID-19: The Great Reset (2020, with Thierry Malleret). Alongside his leadership of the World Economic Forum, Schwab also started the Schwab Foundation for Social Entrepreneurship with his wife, Hilde (1998), The Forum of Young Global Leaders (2006), and the Global Shapers Community (2011).

Professor Schwab holds doctorates and master's degrees in economics (University of Fribourg) and in engineering (Swiss Federal Institute of Technology) and obtained a master's degree in public administration (MPA) from the Kennedy School of Government at Harvard University. In 1972, he became a professor at the University of Geneva, where he is now honorary professor. Throughout his career, Schwab has received 17 honorary doctorates. Schwab was knighted in France (Knight of the Légion d'Honneur, 1997), in England (by Queen Elisabeth II, Knight Commander of the Order of St Michael and St George, 2006), and Germany (Knight Commanders Cross, 2012). He also received the Grand Cordon of the Rising Sun of Japan (2013), among many other national distinctions. He lives in Geneva with his wife, Hilde.

      Peter Vanham is the head of Chairman's Communications and the International Media Council at the World Economic Forum. He previously led the Forum's US media relations from New York, and worked as a journalist in Philadelphia, London, Zurich, and Berlin. Vanham is the author of Before I Was CEO (2016), recounting the life and career lessons from CEOs before they made it to the top, and has contributed stories on emerging markets and business leadership to The Financial Times, Business Insider, Harvard Business Review, and many other media. He holds master's degrees in business and economics journalism (Columbia University) and commercial engineering (KU Leuven). He lives in Geneva with his wife, Valeria.

Preface

      In early February 2020 I sat down in Geneva to discuss this book with a colleague, when the phone rang in my office. It turned out to be what you could call an AC/BC moment, when attention shifted from the time before COVID-19 to the reality that set in after COVID-19.

      Before that call, me and my colleagues had been preoccupied with the long-term challenges of the world

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