The first World Economic Forum meeting took place in January 1971, and since then the gathering of world leaders has been a subject of fascination and critique. The inaugural European Management Symposium, held in Davos, Switzerland, saw 500 top European businessmen each paying around £700 to learn from gurus like Herman Kahn and John Kenneth Galbraith. The event, organised by the Geneva business school Centre d'Etudes Industrielles, was a financial success, with registration fees of £500, accommodation at £100, and travel costs adding up.
The speaker list read like an International Who's Who, including Jacques Maisonrouge of IBM and Jean Rey of the European Economic Community. For those seeking more than lectures, management consultants Urwick Orr ran a massive business game using four computers and six consultants. Over the years, the forum evolved into a high-level networking event, with attendees enjoying spiritual breakfasts with Mother Teresa, contact lunches with Ted Heath, and dinners with figures like Richard Perle.
By the late 1980s, the World Economic Forum had become a global phenomenon, with participants paying $7,500 plus expenses for the chance to meet ministers and industry leaders. The forum's setting in Davos, at 4,400 feet above sea level, was once a winter sports haven, but three years of snow drought left the resort searching for a role. Despite the lack of snow, the Congress Centre offered attractions like plenary sessions on economic outlooks and briefings on Japan's history.
The real prize, however, was networking. The forum attracted some 70 government ministers, including Kenneth Clarke, and leaders from central Europe. Secret assemblies facilitated discussions on reunification between West Germany's Helmut Kohl and East Germany's Hans Modrow. Professor Klaus Schwab, founder and president, even dropped his customary English for German in recognition of the momentous events.
