DAVOS, Switzerland — If a single theme ran through this week, it was acceptance that the capitalist system, of which the attending elites are the masters, is broken. And if they don't take charge, changes may come that they won't like.
What brought them to this point is a growing threat of trust-busting, regulation and public opprobrium in both the U.S. and Europe, on top of the residual shock of Brexit and the election of President Trump.
In interviews and speeches, many of them described what is fueling the push for dramatic action:
Three-quarters of people living in developed countries feel they are not getting a fair shake, according to the Edelman Trust Barometer. Real pay for all but the richest people has been almost flat for at least three decades. And when Americans have lost a job, almost half have moved to a lower-paying one, jeopardizing their place in the middle class. Home prices in U.S. and European cities are often unaffordable, again for almost anyone but the wealthiest.MORE
"Only 1 in 5 people say the system is working for them. One in 3 say their children will be worse off. That is really scary," Richard Edelman, CEO of the eponymous public relations firm, told Axios in Davos.
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