Davos 2025: A Leadership in Crisis

Do You Hear the People Sing?

The irony couldn't be sharper.

In the same week of January 20th, three defining events unfolded:

• Davos 2025 – where the world’s wealthiest and most powerful gathered once again to debate inequality, climate change, and the future of leadership—over private jet arrivals and exclusive dinners.
• The swearing-in of the 47th U.S. President – a self-proclaimed champion of the working class, who paradoxically reserved the best seats for billionaires and tech elites.
• Martin Luther King Jr. Day in the U.S. – honoring a leader who fought for economic justice, civil rights, and the dignity of the marginalized—principles that today feel increasingly distant from the halls of power.

These events didn’t just happen in the same week—they collided.

As I reflected on this striking confluence, I went for a 10km morning run along Singapore’s canals. I kept thinking: what is the role of leadership when trust is eroding, disruption is accelerating, and institutions struggle to adapt?

In that moment, my Spotify playlist shuffled to Do You Hear the People Sing? from Les Misérables.

And suddenly, it hit me.

A song about resistance, justice, and change —playing against the backdrop of Davos’ curated optimism, political theater, and the ever-widening gap between rhetoric and action.

The parallels were impossible to ignore.

Are we stuck in a leadership loop—where the same challenges resurface, wrapped in new rhetoric, but with little real change?

And more importantly: What should today’s corporate leaders do about it?

This article is not just an observation—it’s a call to action:

? Are you solving real problems, or just managing optics?

? Are you playing the short game, or building resilience for what’s next?

? Are you leading with courage, or maintaining the status quo?

We’ll explore these questions by examining Davos as a symbol of leadership failure, drawing lessons from history’s great disruptions, and outlining practical actions for leaders who refuse to wait for crisis to force change.

Because as Les Misérables reminds us:

"Beyond the barricade, is there a world you long to see?"

The Song Of Angry Men

Davos 2025 is a paradox.

The World Economic Forum gathered 3,000 of the world’s most powerful in the serene Swiss Alps to discuss inequality, climate change, and geopolitical polarization—while many of them remain the biggest contributors to these very problems.

• 350+ government leaders, including 60 heads of state.
• 1,600+ business leaders, with over 900 CEOs from the world’s top companies.
• 170+ leaders from civil society and social sectors.
• 160+ members from various global think tanks and elite communities.

(source: Euronews)

The contradictions are glaring.

As I was running and reflecting, I couldn’t ignore the profound disconnect between the agenda they promote and the realities they create. It felt eerily similar to the lyrics of Les Misérables—a musical about revolution, resilience, and the fight against entrenched power.

Do you hear the people sing? The Song of Angry Men

As you read, I invite you to play the song. Let the music set the stage for the five great hypocrisies of Davos 2025.

1. The Carbon Hypocrisy: Private Jets for a Sustainable Planet

This year, over 1,000 private jets ferried attendees to Davos. While the official agenda focused on sustainability and combating climate change, leaders arrived in the most environmentally destructive way possible.

Do we really need billionaires in private jets to tell us how to save the planet?

?? At the end of the day, you're another day older, ?? And that's all you can say for the life of the poor. ?? It's a struggle, it's a war, ?? And there's nothing that anyone's giving. (Les Misérables: At the End of the Day)

Meanwhile, the climate crisis disproportionately affects the world’s most vulnerable, those who don’t have the luxury of debating sustainability from ski resorts.

2. Billionaire Wealth vs. Global Poverty

The combined wealth of Davos attendees exceeds $15.3 trillion—more than the GDP of entire continents.

Yet, billions still live on less than $6.85 per day.

Davos' theme of “Reimagining Growth” rings hollow when wealth inequality continues to widen unchecked.

?? Look down, and see the beggars at your feet, ?? Look down, and show some mercy if you can. (Les Misérables: Look Down)

From their conference halls and private lounges, the ultra-rich discuss economic inclusion while sitting on fortunes that could eradicate poverty many times over.

Who exactly is this growth benefiting?

3. Investing in People? Marginalized Voices Excluded

Davos claims to be about “investing in human capital.”

Yet, the people most affected by inequality and climate change—grassroots leaders, marginalized communities, activists—are rarely given a seat at the table.

?? Do you hear the people sing? ?? Singing the song of angry men? ?? It is the music of a people ?? Who will not be slaves again! (Les Misérables: Do You Hear the People Sing?)

Leaders love to talk about solving problems for the world’s poor—but they almost never talk with them.

Real investment in people starts with listening.

4. Geopolitical Polarization and the Digital Divide

While Davos debates AI, automation, and the digital future, nearly 2.6 billion people worldwide still lack internet access.

How can they participate in a “digital revolution” they are completely excluded from?

?? One day more, ?? Another day, another destiny. ?? This never-ending road to Calvary. (Les Misérables: One Day More)

For the world’s disconnected, each day represents another missed opportunity, another step further behind.

A “smart future” means nothing if it leaves half the world in the past.

5. Safeguarding the Planet Amidst Contradictions

The WEF’s focus on “safeguarding the planet” stands in stark contrast to the extravagant accommodations, luxury dining, and consumption-heavy eventsthat define Davos.

?? There was a time we killed the King, ?? We tried to change the world too fast. ?? Now we have got another King! ?? He's no better than the last! (Les Misérables: Drink with Me)

Decades of empty pledges have done little to prevent rising temperatures, biodiversity loss, and worsening natural disasters.

If those in power won’t change, who will?

Who Will Answer the Call?

Davos 2025 encapsulates a troubling paradox:

A summit where the most powerful people in the world gather to discuss global problems, yet exemplify the very inequalities they claim to solve.

Perhaps the words of Les Misérables serve as a rallying cry for the rest of us:

?? Will you join in our crusade? ?? Who will be strong and stand with me? ?? Beyond the barricade ?? Is there a world you long to see? ?? Then join in the fight ?? That will give you the right to be free! (Les Misérables: Finale)

Change rarely starts from the top.

But it can start with leaders and builders who refuse to accept the status quo.

The question is—are you one of them?

Historical Context

The musical, Les Misérables, based on the 1862 novel of the same name by Victor Hugo, set in early 19th-century France, portrays a society marked by deep inequality and unrest following the French Revolution.

Despite the revolution’s promise of liberty, equality, and fraternity, widespread poverty, oppressive governance, and exploitation persisted, particularly for the working class.

The uprising depicted in the novel and musical reflects the June Rebellion of 1832, when students and citizens, outraged by poverty, injustice, and the failure of political reform, rose in protest against a monarchy that had failed to deliver meaningful change.

?? One more day standing about, what is it for? ?? One day less to be living (At the end of the day, Les Miserables)

For background, the Original French version “Les Miz” with music by Claude-Michel Sch?nberg, lyrics by Alain Boublil and Jean-Marc Natel, was based on the 1862 novel by Victor Hugo. The French musical premiered in Paris in 1980 with direction by Robert Hossein. Its English-language adaptation, with lyrics by Herbert Kretzmer, produced by Cameron Mackintosh, has been running in London since October 1985 (Wikipedia).

History doesn’t repeat—it rhymes. The same patterns of inequality, broken leadership, and ignored warning signs have led to crisis before. Ray Dalio’s Big Cycles Theory helps us understand why—and what’s coming next.

The Big Cycles Theory: Why History Keeps Repeating Itself

Ray Dalio , founder of Bridgewater Associates views the global economy through the lens of Big Cycles—historical patterns that explain the rise and fall of nations, empires, and economies. His book, Principles for Dealing with the Changing World Order, outlines how wealth, power, and societal dynamics move in predictable cycles, shaping history and leadership challenges.

Photo Credits: Ray Dialo

Dalio identifies the three phases of the Big Cycles as follows:

1. The Building Phase – A new order emerges after disruption (war, revolution, or crisis). Investment in education, infrastructure, and innovation fuels growth, stability, and broad wealth distribution. Institutions are strong, and optimism is high.
2. The Peak Phase – The system reaches its high point—economic prosperity, global influence, and dominance in trade. But wealth inequality rises, complacency sets in, and cracks begin to appear.
3. The Decline Phase – Debt, inequality, and political division reach unsustainable levels, eroding trust in institutions. Social unrest rises, external powers challenge dominance, and the system enters crisis—often leading to revolution or war, resetting the cycle.

What Drives the Cycle?

• Wealth and Debt: Economies thrive when debt fuels growth but collapse when borrowing spirals out of control.
• Cohesion vs. Division: Societies function when prosperity is shared. When inequality grows, polarization deepens, and trust erodes.
• Global Power Shifts: Dominant nations and industries hold influence—until challengers disrupt the status quo and force a reset.

Societal stagnation and concentrated wealth consistently lead to upheaval

Why It Matters Today

• The Warning Signs Are Clear: Dalio’s theory mirrors historical moments of unrest—from post-revolutionary France to today’s widening wealth gap. The Gini Index of U.S. income inequality has been rising since 1990, with inflationdisproportionately hurting lower-wage populations. The same pattern played out before past societal upheavals.
• The Global Leadership Crisis: Davos 2025’s theme of “Rebuilding Trust”signals a world struggling with institutional decay and polarization. The wave of right-wing populism in 2024 elections across 60 countries reflects growing dissatisfaction with traditional leadership.
• Technological Shifts and Energy Transition: Like past industrial revolutions, AI, automation, and green energy are reshaping power structures. But those controlling these industries often exacerbate inequality rather than reducing it, increasing the risk of social unrest.

The Leadership Dilemma

History shows that leaders often resist systemic change because it threatens their power. So the question remains:

Can we expect meaningful reform when it’s inconvenient — or even harmful —to those in control?

We may not know exactly when the next major shift will happen, but the signs are clear—we are approaching another inflection point in the cycle. The choices leaders make today will determine whether they adapt, collapse, or get replaced.

Will they navigate the storm—or be swept away by it?

The Global Change Agent’s Dilemma

This is the Innovator’s Dilemma applied to global leadership—or more aptly, the Change Agent’s Dilemma.

Clayton Christensen’s Innovator’s Dilemma explains why successful companies often fail to adopt disruptive innovations despite having the resources to do so. They focus on incremental improvements to satisfy existing customers, while disruptors target overlooked markets and eventually reshape industries. The core challenge? Balancing short-term success with long-term transformation, which often feels too risky or unprofitable at first.

The same tension exists on a global scale. Those with the most influence—politicians, CEOs, financial elites—are often the least incentivized to disrupt the very systems that sustain their power. Let’s examine the key players:

• Politicians: Avoid bold reforms (e.g., wealth redistribution, carbon taxation) for fear of alienating voters.
• CEOs & Billionaires: Their wealth depends on the status quo, making structural changes (e.g., higher taxes, labor rights) a direct threat.
• Financial Institutions: Profit from fossil fuels, speculation, and existing frameworks; sustainability-focused policies undermine their business models.
• International Organizations: While they advocate for change, they resist reforms that could weaken elite influence.
• Tech Giants: Promote innovation yet defend monopolies, exploit tax loopholes, and push back against regulation.

The result? Systemic inertia. The urgent changes needed to address inequality, climate change, and societal unrest are delayed or blocked by those who benefit most from inaction.

Breaking this cycle demands bold leadership, a shift in values, and external pressure from those outside the system. Without it, the world risks being trapped in short-term self-interest, stagnation, and decline.

So what kind of leadership is needed to drive real change?

Principled Leadership

The recent celebration of Martin Luther King Jr. Day served as a reminder of what principled leadership looks like. MLK’s vision, words, and selflessness inspired systemic change, shifting societal attitudes and laws toward justice and equality.

His leadership was built on sacrifice, humility, and service to a greater cause—not personal gain. He mobilized people toward a tipping point where change became inevitable through collective action.

Today, leadership faces a different test. In an era of global crises and rapid transformation, many political and corporate leaders operate in reactionary, self-preserving ways, prioritizing short-term influence over long-term progress.

At the same time, private corporations now hold influence comparable to national governments—Apple’s $2.1 trillion market capitalization, for instance, matches Italy’s GDP. This raises fundamental questions:

• Are companies merely economic entities, or do they hold political and social responsibilities?
• As corporate power grows, how should market leaders balance profit with accountability?

The Challenge of Balancing Power and Responsibility

Leadership—whether in politics, business, or technology—requires navigating a fine balance between rights and responsibilities. Discussions around freedom of speech, economic influence, and platform accountability have exposed tensions between individual rights and societal impact.

My freedom ends where yours begins

History shows that freedom is not absolute—it comes with the responsibility to protect, not exploit. True leadership means ensuring that power uplifts rather than divides and that influence is wielded with transparency and accountability.

The Leadership Crossroads

The world is at a critical juncture. Crises—from climate change to inequality to technological disruption—demand leaders willing to act with courage, integrity, and long-term vision.

The question is: Will today’s leaders step up to drive meaningful change, or will they preserve the status quo until crisis forces a reckoning?

With great powers comes great responsibility

Real leadership is not about maintaining power but building trust, inspiring action, and creating a future that benefits all—not just a privileged few.

Looking Ahead: Where Will Change Come From?

History suggests that transformative change rarely starts in the halls of power—it emerges from communities, movements, and individuals who refuse to accept the status quo. Until those voices are truly heard, Davos will remain a symbol of irony in a world demanding action.

?? One day to a new beginning ?? Raise the flag of freedom high! ?? Every man will be a king ?? There's a new world for the winning ?? There's a new world to be won." (Les Misérables, Do You Hear the People Sing?)

A Path Forward: Navigating Crisis with Leadership

Dalio’s Big Cycles theory offers a framework for avoiding systemic collapse and steering toward sustainable progress:

• Reduce wealth gaps through fair taxation and equitable policies.
• Rebuild trust by strengthening institutions and fostering transparency.
• Encourage global collaboration to address geopolitical and economic risks.
• Focus on long-term solutions over short-term profits to build resilience.

Understanding where we are in the Big Cycles provides clarity on today’s challenges and the cost of inaction. As Davos debates inequality and climate change, Dalio’s work is a stark warning: failing to address systemic issues only accelerates decline.

From Theory to Action

But how do we translate these macro insights into concrete steps for corporate leaders facing volatility and uncertainty?

For those who want to stay ahead—and avoid being caught off guard—here are five practical actions you can start implementing today.

1. Cut Through the Noise—Prioritize What Truly Matters

Why? In times of crisis, leaders often get distracted by urgent but non-critical issues. Instead of trying to address everything, focus on what will actually move the needle.

What You Can Do:

? Identify your top priorities. What are the most critical issues that will define your organization’s success in the next 12 months? Cut the rest.

? Reevaluate meetings and reports. How much time are you wasting on things that don’t drive impact? Reduce unnecessary complexity in decision-making.

? Set clear success metrics. Every initiative should have a simple, measurable goal so progress is clear and decisions are easier.

2. Make Faster, Smarter Decisions by Reducing Bureaucracy

Why? In times of uncertainty, slow decision-making is fatal. Leaders should streamline processes so their teams can act faster without waiting for endless approvals.

What You Can Do:

? Empower your teams. Remove unnecessary approval layers—let people closest to the problem make the call.

? Adopt a “default to action” mindset. Don’t aim for perfection; make informed decisions quickly, learn, and adjust.

? Use a simple decision filter.

Ask:

1) What’s the worst-case scenario if we act?

2) What’s the worst-case scenario if we don’t?

3) Which one is riskier? Then decide.

3. Fix Internal Mismatches Between What You Say and What You Do

Why? Employees, customers, and partners lose trust when leadership says one thing but acts differently. Credibility is your biggest asset in crisis.

What You Can Do:

? Do a reality check. Look at your company’s big commitments and brand values (sustainability, progress, innovation, etc.). Are your actual investments aligned? If not, fix it.

? Address employee concerns directly. Don’t wait for disengagement—hold regular check-ins and be brutally honest about what’s working and what’s not.

? Lead by example. If leadership is asking employees to be frugal, travel less, or innovate—do the same.

4. Prepare for Disruptions—Don’t Just React to Them

Why? Most leaders wait until a crisis hits before they act. Instead, proactively identify vulnerabilities and fix them before they become major problems.

What You Can Do:

? Identify your biggest risks. Ask: What are the things that could seriously disrupt our business in the next 12-24 months? and the next 4-5 years?

? Run “pre-mortems.” Instead of waiting for a problem, simulate a major crisis and test how your team would respond using prospectives.

? Strengthen what’s weak. Supply chains, key partnerships, cash reserves—don’t wait for pressure to expose weaknesses.

5. Focus on People—Because Leadership is Nothing Without Them

Why? No leader, company, or initiative can survive a crisis without engaged, motivated people who believe in the mission.

What You Can Do:

? Be radically transparent. In uncertain times, silence fuels fear. Communicate openly—even if the news isn’t good.

? Recognize people’s efforts. A simple “thank you” or public acknowledgment boosts morale more than you think.

? Keep people focused on what they can control. Help teams break challenges into smaller, solvable problems rather than getting overwhelmed by big uncertainties.

Final Thought

Crisis exposes weak leadership and amplifies strong leadership. We need to go back to a new type of leadership: authentic, visionary and principled focused on actionto drive tangible, measurable change.

Real leadership isn’t about maintaining power—it’s about building trust, inspiring action, and creating a future that benefits all, not just a privileged few.

If you’re a leader today, ask yourself:

Are you part of the problem — or are you building the solution?

What will you do differently starting today?

Which of these five actions will you implement first?

Subscribe for more thought-provoking commentary on global events, innovation, technology and leadership.

Thanks for reading!

Damien