Deliberations at the World Economic Forum in Davos last month did not go entirely as planned but few of the 2 400 people attending the meeting were deterred by the plunging market. In this opinion piece management professor Michael Useem who directs Wharton’s Center for Leadership and Change Management and who attended the forum discusses how Davos has emerged as a ”classroom on globalization.” Among the key lessons from this year’s class: Central bankers have lost their way; sovereign wealth hedge and private equity funds are the new power brokers; and no new authority should be put in control.

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