25 Jan 2012

Capitalism outdated - Davos forum founder

8:11 am on 25 January 2012

The founder of the World Economic Forum says capitalism is outdated and no longer fits the world in its current form.

Some 2600 rich and powerful people are travelling to the annual gathering in the Swiss mountain village of Davos to discuss the state of the world.

Klaus Schwab, a former business school professor who launched the forum in 1971, is calling for more humility from executives who he says have still not learned lessons from past mistakes.

Professor Schwab says leaders must address the fundamental changes in the world and look for new models to make decisions.