As thousands of rich and powerful leaders head to Davos for the World Economic Forum (WEF) next week, the organization's founder has urged international heads of state to come up with an "inclusive" approach to globalization. The main theme of this year's WEF meeting is "Globalization 4.0: Shaping a New Architecture in the Age of the Fourth Industrial Revolution." The forum is scheduled to begin on Tuesday, January 22, and end on Friday, January 25. Ahead of the annual gathering of business, political and cultural leaders, Klaus Schwab, executive chairman of the Geneva-based WEF, told reporters in Davos: "We have to define a new approach to globalization which is more inclusive." "Globalization produces winners and losers and there are many more winners in the last 24, 25, 30 years — but now we have to look after the losers, after those who have been left behind," Schwab said Tuesday.

World Economic Forum founder and Executive Chairman Klaus Schwab VCG/VCG via Getty Images

For decades, there had been a strong consensus that globalization helped to stimulate wage growth and create more jobs — not just for developed countries but also for poorer nations worldwide too. However, in recent years, a populist backlash against globalization has taken hold. That's prompted many to voice their anger as they see jobs being impacted by automation, old industries disappearing and migration disrupting the established order. "So, if you speak about globalization 4.0, it has to be more inclusive, more sustainable — and it has to be based more on loyal principles. What we need is a moralization or a re-moralization of globalization," Schwab said.

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