Government and Institutions

Davos enables “crony capitalism” to flourish


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The IEA reacts to the launch of Davos 2019

Commenting on the launch of the 2019 World Economic Forum Annual Meeting, Senior Academic Fellow at the Institute of Economic Affairs Professor Philip Booth said: 

“Davos is the perfect environment for “crony capitalism” to flourish. 

“Industry is shaped by the dispersed decisions of seven billion consumers and tens of millions of businesses. It is not – or should not – be shaped by politicians. Yet Davos remains a huge magnet for politicians to work alongside leaders of the largest businesses and other vested interests to devise yet more regulations, interventions and barriers to entry that will undermine competition, by making it even harder for small businesses to operate in their markets. 

“The gathering perpetuates the myth that economic welfare is promoted by “experts”. Next year, our government officials should sit the conference out, and leave Davos to the skiers.”

 
Notes to editors:

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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems and seeks to provide analysis in order to improve the public understanding of economics.

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