History
The Forum was founded in 1971 by Klaus Schwab, a German-born business professor at the University of Geneva. Originally named the "European Management Forum", it changed its name to the World Economic Forum in 1987 and sought to broaden its vision further to include providing a platform for resolving international conflicts.
In the summer of 1971, Schwab invited 444 executives from Western European firms to the first European Management Symposium held in the Davos Congress Centre under the patronage of the European Commission and European industrial associations, where Schwab sought to introduce European firms to American management practices. He then founded the WEF as a non-profit organization based in Geneva and drew European business leaders to Davos for the annual meetings each January.
Schwab developed the "stakeholder" management approach which attributed corporate success on managers taking account of all interests: not merely shareholders, clients and customers, but also employees and the communities within which the firm is situated, including governments. Events in 1973, including the collapse of the Bretton Woods fixed-exchange rate mechanism and the Arab-Israeli War, saw the annual meeting expand its focus from management to economic and social issues, and political leaders were invited for the first time to the annual meeting in January 1974.
As the years went by, political leaders began to use the annual meeting as a neutral platform to resolve their differences. The Davos Declaration was signed in 1988 by Greece and Turkey, helping them turn back from the brink of war. In 1992, South African President F. W. de Klerk met with Nelson Mandela and Chief Mangosuthu Buthelezi at the annual meeting, their first joint appearance outside South Africa. At the 1994 annual meeting, Israeli Foreign Minister Shimon Peres and PLO Chairman Yasser Arafat reached a draft agreement on Gaza and Jericho.
Read more about this topic: World Economic Forum
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