Unisa online - Shaping our future post-Davos 2009

The panel who debated issues discussed by the World Economic Forum: Dr Sunette Steyn, Prof Olu Akinboade & Prof Carel van Aardt (BMR)

'The interest in the annual meeting of the World Economic Forum in February was not confined to Davos, Switzerland. A debate led by a panel of experts also sparked a lively debate at Unisa on Monday 9 March 2009. The debate "Shaping our future post-Davos 2009" was organised by the Centre for Corporate Citizenship (CCC) in the College of Economic and Management Sciences (CEMS) and Unisa’s Research Directorate. Dr Sunette Steyn of the CCC led the discussion with a report on her experiences at Davos. As a young global leader, she attended the meeting for the second time this year. She observed that it was difficult to attend some of the plenary sessions because of the popularity of the event this year. Corporate social responsibility enjoyed centre stage for the first time this year and spiritual leaders were very visible. The compensation of CEOs, public private partnerships and the role investment in infrastructure could play to soften the effects of the economic meltdown and climate change were some of the central issues.

Dr Kwandiwe Kondlo, Executive Director: Democracy and Governance of the Human Science Research Council (HSRC), said the political difficulties the world is currently experiencing have a history of power imbalances. "As long as there is no political will from powers to change, we will not move forward as the problem lies at the level of implementation," he said.

Prof Olu Akinboade, Director of the School of Economic Sciences in CEMS, said that the current economic climate may have positive spin-offs for Africa as investors burn their fingers in the United States and Europe. Interest rates here are very attractive when compared to what investors can get elsewhere. He warned, however, that nations in Africa depending on overseas assistance will suffer as the economic meltdown intensifies.

Prof Carel van Aardt of the Bureau of Market Research blamed government intervention for the current crisis. He said it was the Clinton administration's request for greater credit leniency for the poor that led to the current situation. He also called for a balance between climate control and economic growth, and said it was not easy for business to implement climate friendly ways of doing business as it costs money. Referring to the usefulness of infrastructure development to prop up the economy, Prof Van Aardt indicated that the same amount of money being spent on infrastructure in South Africa is also leaving the country. "Neither unfettered capitalism nor socialism will work," he said.

Delegates at the seminar