Davos 2010: Something Old, Something New
"Squawk Box" Co-Anchor
The Alps are still stunning. The snow is still piled high. And yes, it's still freezing here. But as the World Economic Forum convenes in Davos once again, the delegates recognize that the world is a very different place this time around.
The economic crisis wreaked havoc not only with the world's financial markets, but also with it's trust in business institutions, and faith in the capitalistic system.
Just how deep those chasms run is revealed in a World Economic Forum poll surveying 130,000 people from ten of the G20 economies. It found that over two-thirds of people believe the current economic crisis is also a crisis of ethics and values.
The poll results point to a trust deficit regarding values in the business world. Only one-quarter of respondents believe that large, multinational businesses apply a values-driven approach to their sectors, while over 40% believe that small and medium-sized businesses apply such an approach.
Almost two-thirds of respondents believe that people do not apply the same values in their professional lives as they do in their private lives.
One of the key themes at Davos this year is restoring and rebuilding confidence. With poll results like these, the business and political leaders have their work cut out for them this week.