Managers' salaries at root of crisis

Criticism of capitalism has increased in recent months. Protest movements, such as "Occupy Wall Street," are outraged at the excesses of bankers who, according to the protesters, bear the main responsibility for the current economic crisis. A growing number of voices from different parts of society are now showing solidarity with these anti-capitalism activities, reflecting the widespread frustration felt by citizens.

Undoubtedly, these anti-capitalist protests have their finger on the pulse of our time. But it is not enough to simply condemn capitalism for its undeniable excesses. We need a deeper analysis of why the capitalist system, in its current form, no longer fits the world around us.

When the global financial crisis began in January 2009, I said in my opening speech in Davos: "Today, people from every corner of the globe ask how it was possible that decisions could be taken, led by greed or incompetence and with no effective oversight - decisions that had terrible consequences, not only for the global economy but also for real people, who have lost their pensions, their homes or their jobs. They feel bewildered, confused, scared and angry."