World leaders talked the talk at Davos but we need some real change | Joseph Stiglitz

Excessive faith in markets and scepticism of government won't tackle the global crises we face

This year marked the 50th anniversary of the World Economic Forum's flagship meeting of the world's business and political elites in Davos, Switzerland. Much has changed since my first Davos in 1995. Back then, there was euphoria over globalisation, hope for ex-communist countries' transition to the market, and confidence that new technologies would open up fresh vistas from which all would benefit. Businesses, working with government, would lead the way.

Today, with the world facing climate, environmental, and inequality crises, the mood is very different. Facebook, willing to provide a platform for mis-/disinformation and political manipulation, regardless of the consequences for democracy, has shown the dangers of a privately controlled monopolistic surveillance economy. Corporate leaders, and not just in the financial sector, have displayed remarkable moral turpitude.

Related: What did we learn from Davos 2020?