World Economic Forum 1
!
World Economic Forum 3
Dear Delegates, Welcome to YMUN XL and the World Economic Forum Committee! Our names are Aahan Bhojani and Sophia Clementi and we are delighted to be serving as your Co-Directors for this committee. Both of us are seniors at Yale that hope to create a fun and informative Model United Nations experience for all of you. We both have personal connections to the World Economic Forum and as such are really looking forward to familiarizing all of you with this one of a kind body. Before you begin your preparation for YMUN, we would like to introduce ourselves and our unique committee. Born in Italy, Sophia has grown up in five different countries. Sophia has participated in MUN conferences all throughout high school and has been involved in most of the YIRA conferences during her time at Yale, serving as a chair, secretariat member, and also Director General. At Yale, Sophia is an Ethics, Politics, and Economics major focusing on the European Union. After her sophomore year, she interned at the World Economic Forum working on its Global Agenda Councils team. After graduation, she will be working for the Boston Consulting Group in Germany. Hailing from Dubai in the United Arab Emirates, Aahan has had much experience with international MUN conferences. Having run THIMUN Singapore in during high school and the World Youth Economic Forum in Shanghai during the summers of 2012 and 2013, Aahan looks forward to driving discussions at YMUN this year that draw on thought leadership across the public and private sector. As an Economics and Political Science double major at Yale, he focuses on education policy and economic development in South Asia and the Middle East. Following graduation, Aahan will be working for Barclays Capital in New York. This year, this committee will be discussing two pressing issues facing the entire international business world. The first topic focuses on the relationship between global financial systems and business-level innovation. The committee will analyze this relationship in light of the recent financial crisis, with the intent of ensuring that innovation is able to continue on an international level. As companies operate many parts of their businesses after having received capital from larger financial institutions, global leaders are increasingly tasked with ensuring that research and development programs in companies continue to run in spite of economic hardship. The consequences of lacking innovation on the global economy are grave, as will be elucidated through discussions on economic models, and it is the responsibility of the World Economic Forum to safeguard global innovation from the impact of financial turmoil. The second topic will address the difficult question of how to guarantee ethical behavior by major firms when they have to operate in a competitive landscape, which puts profit above all else. We will look at what – if anything- firms can do to behave ethically in relation to their employees, their partners, and the communities they operate in. We will study case studies of firms that have behaved well and of those that have not and discuss what factors influence firms’ behavior. We will focus especially on the difficulty of regulating or influencing today’s major corporations through international treaties or national legislation as they span multiple countries on many continents. We hope that you are excited to begin your research by using this topic guide. We are aware that this committee is very different than anything you have probably come across and that our topics can seem daunting. However, we are completely convinced you will learn a lot and come up with some truly innovative ideas. If you have any questions regarding our topics, your ongoing research or the conference in general, do not hesitate to contact us at .We cannot wait to meet you all at YMUN XL! Sincerely, Sophia Clementi (sophia.clementi@yale.edu) Aahan Bhojani (aahan.bhojani@yale)
!
World Economic Forum 4
TABLE OF CONTENTS History of the Committee Economic Instability: Financial Crisis or Innovation Crisis? Topic History Questions to Consider Walking a Tight Rope: Retaining Ethics in a World of Competition Topic History Questions to Consider Role of the Committee Structure of the Committee List of Positions Footnotes! ! ! ! !
!
5 6 9
!
10 14 15 16 17 20!
World Economic Forum 5
History of the Committee !
Most people have heard about the World Economic Forum (WEF), but not many really understand what it is or what it does. WEF describes itself in the following way: “The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.” It was created as a non-profit organization in 1971 by Professor Klaus Schwab and is headquartered in Geneva, Switzerland. Since 1971, it has expanded to include offices in New York, Beijing, and Tokyo. The underlying perception of WEF is that we live in such an interconnected and complicated world that formal institutions such as governments are no longer able to tackle the world’s most pressing problems. We live in a time where there are problems of an unprecedented scale that need to be solved, but it is also a time with the biggest possible opportunity to be harnessed in an attempt to improve the world. To be able to come up with innovative ideas, WEF firmly believes that there should be no separation between political, social, or economic aspects to a problem. What makes WEF so unique is that it is a hybrid of a public service, international, business, and academic organization. This probably sounds inspirational and impressive to you, but you are also probably thinking how WEF manages to reach its goals. Basically, the core of WEF is founded by around 1100 companies that pay for membership, and in return get access to the vast network and information generated by WEF. These companies are invited to the annual WEF meeting at Davos where they are joined by political leaders, academics, journalists, and global leaders, which
!
also form an integral part of the WEF community. WEF also organized multiple so-called “communities,” such as the Women Leaders Community and Gender Parity Program, the Forum of Young Global Leaders, Global Shapers, the Network of Global Agenda Councils, and the Global University Leaders Forum. WEF has two major forms of output: an immense amount of reports and multiple annual summits. Firstly, WEF publishes many different reports written by its many employees and its different communities. For instance, their annual Global Competitiveness Report is very well known. These reports serve as an immense source of knowledge and ideas for the entire global community. The information generated by WEF is also distributed through their very active social media presence in the form of a blog. Secondly, WEF is known for its summits bringing together the many international actors included in their community. The annual summit at Davos is their biggest event serving as a venue to discuss the most important trends, events, threats, and opportunities in the realm of global government and business. Additionally, they host smaller more targeted summits such as the Summit on the Global Agenda held in the UAE or the Summit on Latin Americai.
World Economic Forum 6 TOPIC I.
Economic Instability: Financial Crisis or Innovation Crisis? !
Introduction The financial crisis of 2007 and 2008 represented one of the largest slowdowns to the global economy in known history. Second to the impact of the Great Depression in the 1930s, the financial crisis of the late 2000s sparked the meltdown of global housing markets, the collapse of sovereign debt systems, and the creation of an international innovation crisis. Global GDP suffered from the lowest growth rates observed in decades, and international trade fell to astonishingly low levels. The macroeconomic reverberations of the financial crisis were felt beyond the confines of government offices and international banks. Businesses of all sizes, from multi-person ventures to multinational corporations, suffered as a result of the financial crisis. The collapse of global credit systems spilled over into commercial banking systems, reducing the amount of lending capital available to businesses. As unemployment
!
gripped national economies, business environments began implement defensive strategies, directly halting research and innovation across the economy. This topic will focus on the combined impact of the financial and innovation crisis at hand on the global economy. Drawing on elements of endogenous growth theory, this guide seeks to highlight the consequences of a continued innovation crisis on global macroeconomic outlook. The world’s leading economists, including Robert Shiller of Yale University and Kenneth Rogoff of Harvard University, have debated extensively on the roots and solutions of these crises. As one of the most pressing issues broadcasted across the World Economic Forum and Institute for New Economic Thinking, our topic will have profound implications for future generations to come. The controversial nature of our discussions necessitates a concerted response
World Economic Forum 7
from leaders across various sectors, including large companies, national governments, news agencies, civil society, research institutions, and global education systems. In short, this topic demands a multi-stakeholder approach to global problem solving. Endogenous Growth Theory The major theme of our discussions will draw on the endogenous growth theory of macroeconomics. Developed in the 1960s by economists Paul Romer and Kenneth Arrow, the theory asserts that human capital and technological resources are central to economic growth. Specifically, the theory suggests that it is possible to quantify the impact of ‘ideas’ on macroeconomic output -- in other words, that technology and human ideas can significantly accelerate growth and cause GDP to increase. In the spirit of this model, our discussions will involve a dynamic approach to ensuring that these ‘ideas’, which inspire innovation and development, continue to be generated by the human knowledge economy. For a general overview of the contributions of endogenous growth theory to macroeconomic literature, please refer to: http://www.economist.com/node/6943519. For those interested in more detailed information on the Romer growth model (for relevant reading but by no means necessary for our committee), please refer to: http://econ.la.psu.edu/~bickes/endogrow.pdf and http://www.fordham.edu/economics/mcleod/agh ionhowittchapter1.pdf Financial Crisis of the late 2000s In September of 2008, as Lehman Brothers filed for bankruptcy, global financial
!
systems came under extreme pressure and turmoil. Until that point, banking networks had subsisted on inter-banking relationships – one bank would provide another with overnight loans of large amounts to ensure that operations could continue in a manner that did not add excessive risk to the borrowing bank. In short, the banking system involved the transmission of a lot of borrowed money. When the subprime mortgage crisis began, the highly complex borrowing relationships between banks crumbled, beginning with the collapse of Lehman Brothers. These same borrowing relationships also exist on an international level between countries, in the form of sovereign debt. The Lehman bankruptcy and in turn the collapse of this borrowing culture among financial institutions spilled over into borrowings among governments. As countries became unable or unwilling to pay their lenders back, a chain of economic and political emergencies began. For further reading, feel free to conduct Internet searches on the keywords ‘sovereign debt crisis’ and ‘global credit downgrade.’ Participants of this committee are not required to understand the complex nature of the financial crisis. What needs to be distilled however and what will be utilized in our discussions is simply the fact that this financial turmoil directly impacted growth and innovation among businesses, and in turn, international economic output. Business-level Activity The aforementioned events that stemmed from the global financial crisis had severe negative impacts on global macroeconomic outlook. As unemployment, particularly around youth-related sectors, began to rise in many countries and as
World Economic Forum 8 consumer spending fell, business activity suffered immensely. Needless to say, businesses were faced with contracting customer-spending, and most forms of expansionary strategy came to a halt. In times of economic turmoil, it often takes years for businesses to return to their intended levels of profit creation and growth. As a direct result of the financial crisis and the sovereign debt crisis, there was much less capital than before available to businesses of all sizes across a number of different sectors. Companies very often depend on stable relationships with banks and lenders as a means of financing operations and at the very least starting up. The absence of this stability from banks and lender was a near-fatal occurrence of businesses of all persuasions. All of these effects can be thought of as short-term impacts, that are temporarily contingent upon the stability of the financial sector. If banks and global lenders could recover in
!
time from this state of turmoil, and if lending and borrowing relationships could be successfully restored, capital would inevitably return to these businesses and economic activity would resume. What this committee seeks to explore are not these short-term effects, but rather the long-term effects of the financial crisis on the state of innovation in the global economy. With the exodus of financial capital from business-level activity caused as a result of lacking lending and borrowing relationships between banks and businesses, the global economy risks suffering from a period of ‘innovation drain.’ As a result of the short-term absence of business capital, many companies will cease their research and development programs. Innovation requires a strategic commitment in the long-run by companies, as the results of research and development programs cannot be timed or cultivated in a necessarily periodic manner.
World Economic Forum 9
Questions to Consider
!
•
How can governments and international regulators ensure that businesses of all sizes have access to financial capital and lending relationships?
•
What role does economic research and global debate play in illustrating the relationship between financial turmoil and lacking innovation?
•
What approaches can be taken to incentivizing companies to maintain their research and development strategies in the face of economic hardship?
•
Can lending systems be created for businesses that do not involve global financial institutions? In other words, what is the scope of positive impact for micro-lending to businesses?
World Economic Forum 10
TOPIC II.
Walking a Tight Rope: Retaining Ethics in a World of Competition ! Company Goals Any company wants to be as successful as possible. Success can be defined in a multitude of ways, but one of the most common definitions in the business realm is profit maximization. Companies want to make as much money as possible so that they can grow and become even bigger than they already are. As you may know, profit is defined as a company’s revenue (so how much money a company makes) minus the cost of production (so all the money they need to produce the good or service they are providing). A company’s success is largely based on how much profit they are making and especially by how much their profit is growing from previous years. Profit is so incredibly important because a company needs money to be able to invest in new initiatives. It is a lot cheaper for a company to reinvest money they have already earned into their business than having to borrow money from a bank for instance, as this involves paying interestii.
!
How does a business maximize profit? There are several ways in which a business can maximize profit. Since profit is determined both by the revenues and by the costs of a business operation, changing both of those variables will have an effect on profit. So to increase profit, we can either increase revenue or decrease costs. To increase revenue, companies can try to sell more by creating new products or advertising more. They can also change their selling price slightly in the hopes that either a lower price will get them more customers and thus increase their income or that a slightly higher price will make them more money even though fewer people are buying the product. While these revenue-increasing techniques are definitely important, they are often difficult to implement especially on a short-term basis. Therefore, decreasing cost is often a likely choice. Addressing issues like employee contracts, quality of inputs, outsourcing, consolidation of factories, and efficiency can cut costs.
World Economic Forum 11
However, exactly when these revenue increasing or cost decreasing measures are taken, businesses tend to enter a gray area of ethics. We will discuss some of these actions in more detail to shed light on how they can result in unethical decision making by a company. Employees One of the most efficient means to cost reduction is to alter expenditures on employees. The wage expenses result in a huge percentage of overall costs for a company, especially if it is one that is very labor intensive. However, most people would agree that companies have an ethical duty to make sure their employees are well off. That means that they are getting a high enough pay to live, have decent working conditions, and possibly even insurance and health care. Lowering employee expenses and therefore lowering the benefits received by the employees is an ethical issue. Changing already existing employee benefits can lead to poor morale in the workplace, which has been shown to lower efficiency. We need to ask ourselves if it is ethical to take money away from employees simply to increase the profit numbers. Of course, a company needs to assure its survival and thus needs to have a reasonable budget, but one needs to discuss where it is ethical to make cost cutsiii. When one talks about employee relations, COSTCO immediately comes to mind. This retail giant in the US is known for having incredibly generous employee benefits. Every single employee that works at COSTCO has full insurance and is paid a decent wage. This does eat into the company’s profits slightly, but the company has said that it believes this results in a happier workplace and a more favorable public opinion about the company. COSTCO employees
!
are incredibly loyal to their company, which means fewer of them decide to leave the company each yeariv. COSTCO manages to remain a healthy business even thought they act highly ethically towards their employees. To many other firms though, the slightly lower employee satisfaction is worth the higher profits, which potentially allow a company to grow more quickly. Marketing Marketing directly influences a company's profits as it encourages more sales. However, to maximize profits, companies enter an ethical gray area of what can be considered right and wrong when it comes to marketing. Examples of difficult ethical decisions in the realm of marketing are varied: using sexually filled ads, targeting children in advertisements, bending the truth, and using violence to draw attentionv. Marketing is the result of an insanely competitive business environment. When firms create very similar products, the marketing strategy can make the real difference in determining which company will be successful. An interesting example is the difference in advertising in the US and in Europe. In the realm of medicine, European nations forbid the marketing of prescription drugs. There is a belief that doctors decide when a person is in need of serious medication. In the US, we routinely see medical advertisements for prescription drugs on TV, which encourage individuals to go to their doctors and ask for this medication because they now believe as a result of these ads that they are in need of thisvi. Many would argue that targeting someone’s health in an advertisement is ethically questionable. Another big difference between these two geographic regions is that the US allows direct competitor comparison in ads, where as
World Economic Forum 12 Europe forbids this. So in the US, you will often see ads, which say our product has been voted more popular than our competitor and the ad will use specific competitor names. In Europe, you are not allowed to slander your competitors name like that. Environmental Most companies have some type of environmental impact. To increase their profitability, companies might use unethical environmental practices, which increase pollution, contaminate water supplies, and destroy forests or oceans. The simple truth is that ignoring the environmental impacts is more often than not cheaper than trying to come up with a new system to guarantee environmental security. All companies of course are required to follow environmental laws in the United States and other developed countries, but these laws often just prevent excessive environmental damage, not mild or moderate damagevii. A very famous example of an environmental problem is the BP oil spill in 2010. An oilrig exploded and then sank into the Gulf of Mexico resulting in vast amounts of oil spilling into the oceanviii. The wildlife was dying and the water becoming excessively polluted. Of course, BP was to blame for this disaster. Many criticized if for not being stringent enough on testing its procedures or having a plan in place in case such an accident happened. It was definitely cheaper for
!
BP to not think of these contingency plans before the accident happened. The BP example raises a lot of question about how big companies should treat and prepare to take care of the environment. Quality Using high quality goods results in very highest expenses for a company. Thus, it would seem that simply reducing the quality of the inputs, and thus the quality of the outputs of a company would be an easy way to save a buck or two. The problem is that often when companies reduce the quality of their products or services, they do not lower their prices. This, however, crosses the line into unethical business practices. When a company does this, often the company's brand name is harmed and they lose consumer respect and trust. This can have huge effects on a company’s profitability in the future, as they might lose customersix. So the question is really how much can a company reduce quality, and still remain trustworthy. Many companies also pride themselves on providing a very high quality product and simply would never consider a shift in this quality. Lately, there have been many stories in the news of Chinese companies using lower quality inputs in their products they are exporting to the US. For instance, both a toy manufacturer and a make-up manufacturer were exposed as using toxic materials. This is an example of how trying to lower costs can severely backfire.
World Economic Forum 13
Outsourcing Another huge issue regarding profit maximization versus ethics is the topic of outsourcing. Outsourcing refers to the process of moving certain steps of a business chain outside of one’s own company, often to another country. Outsourcing can reduce costs dramatically by taking advantage of cheaper labor abroad. However, there is normally large domestic job loss involved, which results in vast political backlash. Additionally, outsourcing often results in very low ethical standards abroad. There have been many cases of suppliers used by large corporations using child labor, inhumane working conditions, and horrible workplace safety. The recent collapse of a garment factory building in Bangladesh that produced products for major brands such as Walmart, Mango, and Benetton sparked immense debate about this issue. Role of Competition When discussing ethical business behavior, one needs to be careful not to fall into the trap of viewing a business as an isolated decision making entity. The business environment in which it is embedded shapes it. A business will have a hard time justifying a very ethical decision if it causes them to be at a huge disadvantage with respects to their competitors. This is partly why the topic is so complicated. Exactly this aspect of the problem makes it a perfect topic to discuss at a WEF conference. Existing Treaties and Initiatives Of course, the issue of ethical business behavior has been addressed time and time again. These discussions have resulted in certain international treaties and business codes of conduct. The University of Minnesota has
!
compiled a great list of all of these, which we encourage you to browse: http://www1.umn.edu/humanrts/business/allcod es.html!! The historic International Labor Conventions by the UN are some of the most widely accepted treaties. The most recent one especially tried to address the ever-present issue of child labor. The OECD has been involved in creating guidelines for multinational enterprises which are becoming ever more important as firms are getting bigger and are gaining more influence. There have also been many initiatives started by industry groups such as the “Worldwide Responsible Apparel Production Principles�.
World Economic Forum 14
Questions to Consider
!
•
Why have the many past initiatives not been successful in significantly improving business behavior?
•
What responsibility do businesses really have to act ethically and how can they be made to adhere to this responsibility?
•
What can businesses gain from acting responsibly? Can this gain ever be greater than the gain of simply profit maximizing?
•
What role will governments and NGOs have to play in making a system of ethical business behavior a reality?
•
Who is capable of limiting businesses seeing as their increasingly large scale is turning them into international political players as well?
•
What new initiatives could be started to improve the global situation?
World Economic Forum 15 !
Role of the Committee This is obviously not your average MUN committee. We are not portraying any body of the UN or any other organization consisting of only government representatives. As such, the capabilities and goals of our committee are also very different than those of any other committee. As we have mentioned before, WEF works by publishing reports, opinions, and papers coming from research and their meetings. The goal of our committee will be to come up a “publishable� paper outlining the position of the committee on the topics we have chosen. The papers should include possible steps to achieve these outlined goals. To stay with the MUN theme, this paper will take the place of resolutions. However, we will not be sticking to the formal resolution writing rules. WEF does not have the power to force any country or corporation to take a specific action. The goal of the committee is really to generate new ideas and act as a modified think tank.
!
World Economic Forum 16
Structure of the Committee Even though the role of this committee is nontraditional, the committee will still be using standard parliamentary procedure. Since there is a highly academic nature to our discussion, there may be times when the chairs, guests, or members of the committee will engage in a more presentation like structure. Again, our goal is to create substantive resolution-like papers and if we see that typical MUN rules will need to be modified slightly throughout the weekend of YMUN, we will alter our procedures. We ask that our delegates are ok with adapting to unexpected situations and look forward to this special challenge. We will be accepting position papers. If they are submitted before January 9, you can expect feedback from us. To be eligible for awards, you must turn them in by the first committee session. Position papers should be roughly 1-2 pages on each topic, and should outline your position’s view on the topics. To submit your position papers and for all questions, please contact either member of the senior staff: Sophia Clementi (sophia.clementi@yale.edu) Aahan Bhojani (aahan.bhojani@yale)
!
World Economic Forum 17
List of Positions Business Leaders The business leaders we have selected to be part of the committee are the heads of some of the biggest corporations in the world. There are representatives from the financial sector, consumer goods, technology, natural resources, and industrial industries. These large corporations face a very complicated set of incentives, which we already discussed in the topic descriptions. They need to try to maximize profitability and grow their businesses as much as possible. However, they need to make sure to fulfill a certain amount of corporate social responsibility and pay attention to the confines placed on them by governments and the public, especially through the media. W. Craig Jelinek, CEO Costco Timothy D. Cook, CEO Apple James Dimon, CEO JP Morgan Lloyd Blankfein, CEO Goldman Sachs Jeffrey R. Immelt, CEO General Electric Daniel Akerson, CEO General Motors Virginia M. Rometty, CEO IBM William R. Johnson, CEO Heinz Randall L. Stephenson, CEO AT&T Indra Nooyi, CEO PepsiCo Larry Page, CEO Google Jeffrey P. Bezos, CEO Amazon Andrew N. Liveris, CEO Dow Chemical Daniel L. Doctoroff, CEO Bloomberg Donald Thompson, CEO McDonalds Mark Parker, CEO Nike Klaus Kleinfeld, CEO Alcoa Rex W. Tillerson, CEO Exxon Mobil Jean Paul Agon, CEO L'Oreal Mario Greco, CEO Generali Richard H. Anderson, CEO Delta Airlines Abdalla Salem El-Badri - OPEC Secretary-General Raymond W. McDaniel Jr., President & CEO of Moody's Coorporation
!
Government Representation Even though the following positions are all government representatives, their interests and opinions on our topics will vary greatly. How governments stand towards businesses depends largely on who is currently in power and how that country’s market is structured. For instance, the American stance, which believes in a more pure form of capitalism, is going to be different than many European stances, which believe in a more socialist form of market organization. Still, there are three overarching thoughts, which any government in this world will have about businesses. First of all, governments want to make sure that businesses pay their taxes, which are used to make the state function, fairly. Secondly, governments have a responsibility to act in the best interests of their citizens – how involved the state will get in this topic again differs from country to country. Finally, all governments have an immense interest to further businesses within their borders to stimulate their economies. Barack Obama, President of the United States Angela Merkel, Prime Minister of Germany Pranab Mukherjee, President of India Xi Jinping, President of China Shinz! Abe, Prime Minister of Japan Vladimir Putin, President of Russian Federation David Cameron, Prime Minister of the United Kingdom Jacob Zuma, President of South Africa Dilma Rousseff, President of Brazil King Abdullah of Saudi Arabia Adair Turner, Executive Chairman of the Financial Services Authority
World Economic Forum 18 Non-Governmental Organization Representatives WEF always includes representatives from major NGOs. For our purposes, we are focusing on those, which have the most to do with direct business interests. Since the three organizations that are going to be represented are very different, it is difficult to summarize what their positions will be. However, these organizations have a strong history of protecting developing countries’ rights when it comes to business negotiations. They oversee major business ventures and make sure that major corporations are not taking advantage of smaller counterparts or national governments. Caroline Anstey, CEO of the World Bank Christine Lagarde, CEO of the International Monetary Fund Roberto Azavedo, Director-General of the World Trade Organization Academic Representatives At the annual meeting of WEF, there are many representatives from universities present. There will be heads of universities, as well as professors present. The role of the academic personalities in the committee is to provide a rational and scientific voice to the discussion. As academics, they should want to find the best
!
possible outcome without having to deal with outside stakeholders that limit the possible actions of many of the other representatives in the committee. Peter Salovey, President of Yale University Drew Faust, President of Harvard University Christopher Francis Patten, Chancellor of the University of Oxford Robert J. Shiller Kenneth Rogoff Wang Enge, President of Peking University Lawrence Summers Dambisa Moyo News and Media Representatives In today’s world, any person can learn the latest news instantly by logging onto the Internet. As such, the role of the media is as important as ever, but it has also shifted. They need to embrace new forms of information distribution to stay relevant. For the sake of this committee, the news and media representatives will serve as a reminder that any of the actions taken in the committee will have dramatic consequences that will be distributed to the world instantly. They are the connection between these influential players and the outside world. James Harding, head of BBC News
World Economic Forum 19
James C. Smith Thomson-Reuters Corporation, CEO Glen Britt (CEO Time Warner) Influential Individuals Every year, WEF invites a number of influential individuals to join the meetings and discussions as well. For these positions, we simply encourage you to find as much information about their biographies, past ventures, and statements to be able to represent their views as well as possible. As they are extremely important individuals in their respective home countries, their support of WEF’s initiatives is extremely important. Roman Abramovich Mukesh Ambani Mo Ibrahim
!
World Economic Forum 20
NOTES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! i
http://www3.weforum.org/docs/WEF_InstitutionalBrochure.pdf http://businesscasestudies.co.uk/nfte-uk/the-importance-of-entrepreneurship-in-small-businesses/funding-and-theimportance-of-profit.html#axzz2omqXk1rD iii http://smallbusiness.chron.com/ethical-issues-maximizing-profit-34328.html iv http://bizgovsoc2.wordpress.com/2012/04/09/the-costs-of-being-costco-why-ethics-matter/ v http://smallbusiness.chron.com/ethical-issues-maximizing-profit-34328.html vi http://www.prnewswire.com/news-releases/pharmaceutical-advertising-united-states-vs-europe-55640307.html vii http://smallbusiness.chron.com/ethical-issues-maximizing-profit-34328.html viii http://content.time.com/time/interactive/0,31813,2006455,00.html ix http://smallbusiness.chron.com/ethical-issues-maximizing-profit-34328.html ii
!