Launch of The Great Reset project

The Great Reset project was initiated by the World Economic Forum (WEF) in collaboration with the Prince of Wales's Sustainable Markets Initiative. This initiative emerged in response to the global economic downturn triggered by the COVID-19 pandemic and its associated lockdowns. The project outlines a five-point plan aimed at fostering sustainable economic growth. It seeks to address the pressing need for a reevaluation of capitalism and its underlying principles, particularly in light of the challenges posed by neoliberalism and free-market ideologies. The Great Reset emphasizes the importance of redefining the roles of corporations, taxation, international cooperation, and trade in the context of a rapidly changing global landscape influenced by the Fourth Industrial Revolution. The project advocates for a shift towards 'Stakeholder Capitalism,' which prioritizes the interests of all stakeholders, including employees, communities, and the environment, rather than focusing solely on shareholder profits. This approach aims to create a more equitable economic system that can withstand future crises. The WEF's annual meeting in August 2021 was centered around this theme, highlighting the urgency of implementing these changes. The Great Reset has sparked discussions among policymakers, business leaders, and civil society about the future of economic systems and the need for collaborative efforts to build a more sustainable and resilient global economy.