This year's World Economic Forum was not supposed to address the events in the Red Sea.
When the organizers came to put it together – the 2024 edition of the annual ceremony in Davos Where the wealthy mingle with politicians and celebrities Swiss Mountain Village – They had a lot of other big issues on the list.
The appearance was supposed to be the highlight of opening day Ukrainian President Volodymyr Zelensky.
There is session after session on artificial intelligence and the energy transition.
However, as is often the case, the main talking point here on the Magic Mountain was something entirely different.
Swiss President Viola Amherd and her Ukrainian counterpart Volodymyr Zelensky
In this case, when the rich and famous come to discuss the state of the world, there are nagging noises about what's happening in the world's shipping lanes. The Red Sea.
And you can see why.
Davos is, in some ways, the ultimate emblem of globalization.
Here are thousands of delegates whose lives and livelihoods depend on the free movement of goods and capital around the world.
But in recent years, they have had to contend not only with war in Europe and hideous attacks in the Middle East, but also with the erosion of the world order they represent.
Attacks on shipping The Red Sea is just the beginning.
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“Lights are flashing red on the global dashboard.”
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World leaders have abandoned the free trade and laissez-faire policies that dominated much of the World Economic Forum.
The United States has committed to providing massive subsidies to support its energy sector; Europe pledges to do something similar; Even the United Kingdom is beginning to experiment with the industrial strategy.
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On the other hand, diplomatic and economic relations between the West and China have become cooler, while Russia has once again become persona non grata.
In short, the stability and calm that most delegates here had long hoped for is evaporating.
But the Red Sea attacks raise more questions.
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How do shipping attacks affect shoppers?
One of the premises of globalization is that instead of trying to make everything domestically, one should source the cheapest viable products from abroad instead.
But what if these products do not arrive or do not arrive on time? What if trade becomes so dangerous that you can no longer rely on ships showing up at all?
Photo: AP
Such questions strike fear into the minds of those here in Davos, in large part because they have been able to take free trade for granted for so long.
So, while the events of recent weeks were not scheduled to play a major role in this week's panels and speeches, there is every chance they could intrude.
However, Davos is about more than one topic. It is a place where businessmen meet and make deals.
It's where activists come to try to get the attention of the richest and most influential people in the world.
It's a forum where politicians come in trying to be taken seriously – and it's no coincidence that both the UK government (via Jeremy Hunt and Lord Cameron) and the Labor Party (via Rachel Reeves and Jonathan Reynolds) are in force here.
It is the carnival of capitalism, with all its colorful and complex displays on display.
