The 39th edition of the World Economic Forum (WEF) took place from January 28th until February 1st, in the city of Davos, Switzerland. The main subject of the conference was “Shaping the Post-Crisis World”, and was marked by the global financial crisis, the Middle East conflict, and the United States president Barrack Obama’s “honey moon”.
Suggested by Victoria Brandi, I read an article published in La Nación on January 29th, and I would like to point out a strong statement by magnate George Soros: “The problem is bigger than the one in the ’30”, making reference to the Great Depression. Beyond the similarities and differences highlighted by the specialists, this phrase lets us analyse two factors: its possible duration and the risk of applying importation taxes.
Firstly, besides suffering the consequences of a crisis that was born in the heart of the system, the uncertainty of how long it is going to last is extensive. The mere idea of re-living an era of depression, in a tremendously globalised context, is terrifying.
Secondly, the spooky figure of economic protectionism, that could deepen the consequences, is “a necessary evil”, according to the French Minister of Economy.
United States is planning to introduce the “Buy American” policy in the acquisition of steel and India warns out that they could have the same reaction against the barriers of international commerce.
Let’s hope that the debates at Davos have been beneficial, in order to continue with an ensemble effective action, and that the juncture finds us in a better situation for the next G-20 summit.