The wealthy business executives and global elites who gathered last week at the World Economic Forum in Davos, Switzerland, are facing an uncertain future. On the one hand, Donald Trump’s return to the White House, coupled with his neoliberal, business-friendly agenda, offers the prospect of continued globalization to bolster their wealth. Tax cuts, deregulation and corporate-friendly policies align with their interests. On the other hand, Trump’s protectionist rhetoric -- marked by threats of high tariffs and economic nationalism -- casts doubt on the long-term sustainability of globalization, leaving so-called “Davos Man” unsure of what lies ahead.
The term “Davos Man,” coined by political scientist Samuel Huntington in the early 2000s, describes the ultra-wealthy executives and owners of multinational corporations who view themselves as global citizens rather than tied to any one nation. These elites have reaped massive benefits from decades of globalization, often at the expense of workers and local economies. Critics, including New York Times journalist Peter S. Goodman, have pointed out the darker side of this system. In his 2022 book, "Davos Man: How the Billionaires Devoured the World," Goodman argues that globalization has exacerbated inequality, weakened social safety nets and enabled the Davos elite to amass unparalleled wealth. By highlighting the stark contrast between billionaires like Jeff Bezos and struggling workers worldwide, Goodman critiques the Davos Forum as a platform that legitimizes unfair global systems under the guise of progress.
Yet globalization, once seen as unstoppable, has faced significant setbacks in recent years. The COVID-19 pandemic disrupted global supply chains, exposing vulnerabilities in the offshore manufacturing model long relied upon by multinationals. Lockdowns, factory closures and shipping delays forced companies to rethink their operations, leading to a growing trend of reshoring and nearshoring. This shift threatens the cost advantages that globalization has offered for decades, further challenging Davos Man’s vision of a borderless world.
Even before the pandemic, signs of a backlash against globalization were evident. Trump’s 2016 election and Brexit were both fueled by discontent with globalist policies. Trump rose to power by pledging to disrupt the political establishment, which he portrayed as beholden to global elites. His “America First” agenda directly opposed the principles of free trade and international cooperation that underpin globalization. Trump accused organizations like the World Trade Organization and the United Nations of undermining American sovereignty and prosperity, further galvanizing a nationalist movement.
Trump’s imposition of tariffs during his first term -- particularly on China -- represented a direct challenge to globalization. His policies initiated economic decoupling between China and the West, undermining the interconnected global economy that Davos champions. In his current term, Trump has doubled down on protectionism, vowing to impose even stiffer tariffs not only on adversaries like China but also on allies in Europe, Canada and Mexico.
Brexit, too, represented a significant blow to globalization. British voters, disillusioned by a perceived loss of sovereignty to EU bureaucrats in Brussels, rejected the borderless Europe championed by the Davos elite. This dissatisfaction, rooted in concerns over immigration and economic dislocation, has fueled similar populist and nationalist movements across Europe. For Davos Man, these movements represent a direct challenge to the borderless world they envision -- a world where money, goods and people flow freely without national barriers.
Geopolitical tensions have further compounded the challenges facing globalization. In the early 2000s, the Davos Forum thrived on the optimism of a peaceful, integrated world in the aftermath of the Cold War and the so-called “End of History.” At the time, it seemed as though economic and political globalization were inevitable. Today, however, the wars in Ukraine and Gaza, along with intensifying US-China confrontations, have shattered this optimism. These conflicts serve as stark reminders of the fragile nature of globalization, highlighting how quickly economic interdependence can be undermined by political realities.
Amid these challenges, Trump’s return to power offers a glimmer of hope for the Davos elite. His new administration, filled with tech and finance billionaires, along with promises of tax cuts, deregulation and other neoliberal measures, could reignite momentum for unfettered globalization. For executives in sectors like finance, energy and cryptocurrency, Trump’s pledges to roll back regulations are especially welcome. Indeed, US media outlet Politico recently declared, “The Davos Man is Back.”
Still, Trump’s presidency presents a paradox for the Davos Man. While his neoliberal policies align with their interests, his nationalist “America First” rhetoric and protectionist actions remain at odds with their globalist agenda. For instance, his threats of massive tariffs on Colombia over immigration issues demonstrate his commitment to nationalist priorities. Yet his close relationships with influential figures like Elon Musk, who advocates for increased immigration to support the tech industry, suggest that Trump may face pressure to adopt more globalist policies.
The future of Davos Man ultimately depends on how Trump navigates these competing priorities. Will he lean toward the nationalist agenda that brought him to power, or will he succumb to the influence of the globalist elites within his inner circle? For now, Davos Man can only wait -- and hope -- that the winds of Trump’s policy decisions will blow in their favor.
Lee Byung-jong
Lee Byung-jong is a former Seoul correspondent for Newsweek, The Associated Press and Bloomberg News. He is a professor at the School of Global Service at Sookmyung Women’s University in Seoul. The views expressed here are the writer’s own. -- Ed.
