World Economic Forum its name to the World Economic Forum in 1987 and sought to broaden its vision to include providing a platform for resolving international conflicts. In the summer of 1971, Schwab invited 444 executives from Western European firms to the first European Management Symposium held in the Davos Congress Centre under the patronage of the European Commission and European industrial associations, where Schwab sought to introduce European firms to American management practices. He then founded the WEF as a nonprofit organization based in Geneva and drew European business leaders to Davos for the annual meetings each January. Schwab developed the "stakeholder"
World Economic Forum and accomplishing little of substance, particularly with the increasing involvement of NGOs that have little or no expertise in economics. Instead of a discussion on the world economy with knowledgeable experts alongside key business and political players, the annual meeting of the forum now features the top political topics of the day appearing in media, such as global climate change and AIDS in Africa. Faculty member Steven Strauss at the Harvard Kennedy School, has raised an additional concern, pointing out that many of the WEF's strategic partners (who in return for financing the annual meeting have the ability to set