It is always advisable to be wary of the consensus view, and particularly that of Davos, which can be a remarkably accurate contrary indicator. Yet this time around, it is hard to fault the prevailing, relatively downbeat mood that pervades this annual meeting of business, political and civic leaders.
Ever since the financial crisis first erupted, there has been a strong presumption that eventually things would bounce back to their pre-crisis norm. This year’s World Economic Forum is witness to a kind of capitulation, or sense of resignation. More