Founder of Davos forum wants new economic model

Klaus Schwab, founder and Executive Chairman of the Davos World Economic Forum, does not believe in modern capitalism, ITAR-TASS reports.

At the 42nd session of the forum, Schwab said that mistakes of politicians and society caused the global financial recession. He reckons that a new style of cooperation is needed to overcome challenges. A new model should be based on long-term prospects.