A radical movement called the Great Reset embraced by some Democrats poses a grave threat to liberty and free markets in the United States and around the world. While former Vice President Joe Biden hasn’t endorsed the movement, his ties to it are growing as he changes his long-held policy views to appease the far-left.
While it hasn’t gained widespread attention, the Great Reset is perhaps the biggest danger to capitalism and individual rights since the collapse of the Soviet Union.
What is the Great Reset? Simply put, it’s a growing movement backed by many of the world’s most powerful business leaders, government officials and left-wing activists that aims to “push the reset button” on the global economy. t would destroy the current capitalist system and replace it with progressive and modern socialist systems, with a special emphasis placed on eco-socialist policies like those contained in the Green New Deal.
“Every country, from the United States to China, must participate [in the Great Reset], and every industry, from oil and gas to tech, must be transformed. In short, we need a ‘Great Reset’ of capitalism,” wrote Klaus Schwab, the head of the World Economic Forum (WEF), in a recent article for WEF’s website.
Policy ideas offered by “Great Reset” advocates include government-provided basic income programs, universal health care, massive tax increases and the Green New Deal.
Schwab, the World Economic Forum and international figures like Prince Charles are currently leading the campaign for a Great Reset.
For example, at a campaign event on July 9, Biden said we need to end the “era of shareholder capitalism,” a major part of the Great Reset proposal that would alter how companies are evaluated, elevating social justice causes and climate change concerns over property rights.
Instead of worrying about profits, opponents of “shareholder capitalism” argue companies should be forced to focus on “stakeholders,” which is just another way of saying “the collective.”
Klaus Schwab and other Great Reset leaders have been making arguments against “shareholder capitalism” for literally decades, going all the way back to the 1970s. But only recently, spurred by concerns about climate change and wealth inequality, has it gained any traction.
The connection between Biden and the radical Great Reset is best seen by examining Biden’s new “Build Back Better” plan. According to Biden’s website, his Build Back Better proposal would “launch a national effort aimed at creating the jobs we need to build a modern, sustainable infrastructure now and deliver an equitable clean energy future.”
The focus of Biden’s proposal is the destruction of the modern energy industry, which Biden wants to replace with “renewable” energy sources like wind and solar.
Biden’s plan calls for shifting the entire electric grid to “green” sources by just 2035, a wildly unrealistic goal that would have a catastrophic impact on the economy.
The Build Back Better plan comes straight from the Great Reset’s playbook. Great Reset supporters, especially the World Economic Forum, have been calling for some variation of a “Build Back Better” plan for years, often using those exact words in WEF materials.
In fact, as recently as July 13, the World Economic Forum promoted “building back better” through “green” infrastructure programs as part of the Great Reset in an article titled “To build back better, we must reinvent capitalism. Here’s how.”
“An inclusive and green recovery is vital if we are to create more resilient economies and a world in which business can thrive, not just now but long into the future,” the authors wrote, adding later, “A true recovery from COVID-19 will not be about putting things back together the way they were: we need to ‘build back better,’ to ‘reset,’ if we are to address the deep systemic vulnerabilities the pandemic has exposed.”
Similarly, in April, the World Economic Forum published an article titled “How to build back better after COVID-19,” in which the writer said businesses that receive public financing “must invest in low-carbon solutions that create new jobs.”
“Companies should prioritize investments in technologies, products and services that create more jobs and reduce emissions,” the author added.
“Some examples include investments in retrofitting of buildings, in renewable energies, and in achieving mass production and economies of scale in technologies that can decarbonize heavy industries.”
This is exactly what Biden’s “Build Back Better” plan calls for.
There are numerous other examples, too. For several years, WEF and its allies have been talking about “building back better.”
It can’t be a coincidence that Biden is now using that exact language while calling for nearly identical policies. Biden is clearly taking his cues from the World Economic Forum and other supporters of the Great Reset.
This won’t come as a surprise for those who have been following the Great Reset closely. John Kerry, a big proponent of the Great Reset, was tasked with co-chairing (alongside socialist Alexandria Ocasio-Cortez) the committee that helped Biden create his “Build Back Better” plan.
Great Reset supporters have tried to promote their proposal as a new kind of capitalism, but the truth is, it’s a fundamentally socialistic system because it would put the collective in control of most economic activity and impose a number of social justice reforms meant to “rebalance economies” and redistribute wealth around the world.
Great Reset supporters only use the word “capitalism” to make it more appealing to people in America and abroad who know that socialism has failed spectacularly in the past.
Many of the specific details of the Great Reset won’t be completely rolled out until January 2021, when the World Economic Forum will meet with left-wing activists from 400 cities around the world at an event in Davos, Switzerland, but the main purpose of the proposal is clear—tearing down the modern capitalist economy—and Biden seems to be going all-in on these dangerous ideas.
We cannot afford to give supporters of the Great Reset an opportunity to usher in their twenty-first century brand of socialism. We must fight back now, before it’s too late.
Justin Haskins (Jhaskins@heartland.org) is editor-in-chief of StoppingSocialism.com and the editorial director of The Heartland Institute.