In 1971, Schwab founded the European Management Forum, which in 1987 became the World Economic Forum, as a not-for-profit foundation committed to improving the state of the world. He founded the WEF in 1971, the same year in which he published "Moderne Unternehmensführung im Maschinenbau" (Modern Enterprise Management in Mechanical Engineering). In that book, he argued that the management of a modern enterprise must serve not only shareholders but all stakeholders (die Interessenten), to achieve long-term growth and prosperity. Schwab has championed the multistakeholder concept since the WEF’s inception. In 2015, the WEF was formally recognised by the Swiss Government as an "international body". Under Schwab's management, the WEF has been keen to promote its image as a driver for reconciliation efforts in different parts of the world, acting as a catalyst of numerous collaborations and international initiatives.