Social Contracts for the New World Order
Subhash Dhar, Executive Council Member, Senior Vice President and Head, Global Sales,Alliances and Marketing Head, Communications, Media and Entertainment, Infosys Technologies Limited
Financial and social issues dominated yesterday's discussions. Between executive meetings, I participated in two very interesting debates.
The first one was on currency wars and devaluation of currency as a strategy to stimulate the economy. The panel comprised two finance ministers, two central bankers, the head of a leading bank, and an eminent economist. In the light of $800 billion currency printed by USA, the panel noted that while a healthy U.S. economy is in everyone's interest, we are left wondering if the United States is trying to stabilize the global economy or stimulate its own at the risk of others.
The other discussion I heard was on the need for a new social contract between governments, businesses and civil societies. Developed countries argued that their social contracts need to be re-looked as they face new economic, demographic and global realities. Emerging economies, on the other hand, submitted that social contracts being drafted by them could benefit from lessons learnt by developed countries.
The Infosys Friday evening reception is among the most popular networking events at Davos. Ten minutes into it, and we had no space to move around. The Indian fusion finger food prepared by Michelin-starred chef Sriram has many fans among WEF regulars.