New Delhi/Davos, Jan 29 (PTI) The world cannot continue with an economic system driven by selfish values such as short-term profit maximisation, avoidance of tax and regulations and externalising of environmental harm, the World Economic Forum's Founder Klaus Schwab has written in his new book.

Released on the last day of the WEF's week-long online Davos Agenda Summit, the book titled 'Stakeholder Capitalism' makes a case for a global economy that works for progress, people and the planet.

In the new book, Schwab looks at the achievements and shortcomings of the global economic system and suggests ways to improve it.

Making a case for 'Stakeholder Capitalism', he has argued that systems such as shareholder capitalism and state capitalism have led the world down an unsustainable path.

Schwab, also Executive Chairman of the WEF that hosted its 50th Annual Meeting in Swiss ski resort town of Davos last year but had to opt for an online summit this time due to the pandemic, has earlier written two best-selling books "The Fourth Industrial Revolution" and "COVID-19: The Great Reset".

A special physical Annual Meeting of the WEF is now scheduled to be held in Singapore in May, while the high-profile summit attended by the rich and powerful of the world will return to Davos next year.

The new book has been co-authored with Peter Vanham and published by Wiley.

"We cannot continue with an economic system driven by selfish values, such as short-term profit maximization, the avoidance of tax and regulation, or the externalizing of environmental harm. Instead, we need a society, economy, and international community that is designed to care for all people and the entire planet," he said.

Proposing a new model of stakeholder capitalism, Schwab said it is one where companies seek long-term value creation instead of short-term profits; governments cooperate to create the greatest possible prosperity for their people; and civil society and international organisations complete the stakeholder dialogue, helping balance the interests of people and the planet.

Schwab first wrote about the stakeholder model in his book "Modern Enterprise Management" in 1971.

Cellist Yo-Yo Ma said the new book "offers a vision for politics and economics driven not only driven by value creation, but by values".

Primatologist and anthropologist Jane Goodall called it fascinating, while Oxfam Director Gabriela Bucher said it is a "timely analysis".

The book has been discussed at various sessions of the Davos Agenda Summit, during which several political and business leaders also offered their endorsement.

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