(From swissinfo.ch) -- The World Economic Forum’s (WEF) flagship meeting in Davos will this year attempt to close widening gaps between world leaders and different sections of society. The 2012 meeting will be held against the backdrop of the European sovereign debt crisis, continued social unrest in various places in the world and the danger of emerging economies expanding so fast that they overheat.

WEF founder and chairman Klaus Schwab told the media on Wednesday that established systems of governance and business are in urgent need of a radical overhaul.

“Capitalism, in its current form, no longer fits the world around us,” Schwab said. “We have failed to learn the lessons from the financial crisis of 2009. A global transformation is urgently needed and it must start with reinstating a global sense of social responsibility.”

“We are looking desperately around the world for people who can offer solutions,” he added. “We are in danger of losing the confidence of future generations.”

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