Now is the time for a 'great reset'

The author proposes a 'Great Reset' of capitalism to address the economic, social, and climate crises exacerbated by COVID-19. The proposed agenda consists of three components: steering markets toward fairer outcomes through government coordination and reforms (such as removing fossil-fuel subsidies), ensuring investments advance sustainability and equality (including 'green' urban infrastructure), and leveraging Fourth Industrial Revolution innovations for the public good.

• The author asserts that the COVID-19 pandemic has intensified existing climate and social crises, noting that some nations have used the crisis as a justification to reduce environmental enforcement.
• The proposed 'Great Reset' agenda includes a first component focused on steering markets toward fairer outcomes via improved government coordination in fiscal, regulatory, and tax policy, as well as reforms such as the removal of fossil-fuel subsidies.
• The second component of the agenda suggests using large-scale government spending and private investment to build a resilient and sustainable system, specifically mentioning the creation of 'green' urban infrastructure and the use of environmental, social, and governance (ESG) metrics.
• The third priority of the agenda is to apply innovations from the Fourth Industrial Revolution to address social and health challenges, citing the rapid development of vaccines and telemedicine during the pandemic as a model.

APA

Schwab, K. (2020). Now is the time for a 'great reset'. World Economic Forum. https://www.weforum.org/stories/sustainable-development/now-is-the-time-for-a-great-reset/

Chicago

Schwab, Klaus. Now is the time for a 'great reset'. World Economic Forum, 2020. https://www.weforum.org/stories/sustainable-development/now-is-the-time-for-a-great-reset/.

Wikipedia

{{cite press release |last1=Schwab |first1=Klaus |title=Now is the time for a 'great reset' |publisher=World Economic Forum |date=3 June 2020 |url=https://www.weforum.org/stories/sustainable-development/now-is-the-time-for-a-great-reset/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{schwab2020now, author = {Schwab, Klaus}, title = {{Now is the time for a 'great reset'}}, publisher = {World Economic Forum}, year = {2020}, month = jun, url = {https://www.weforum.org/stories/sustainable-development/now-is-the-time-for-a-great-reset/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }