After the fog...?
There used to be something symbolic about Davos - all those movers and shakers going to the mountains to talk about capitalism being on top. This year the more apt feature is the fog. No one knows where the world is going. But they're fairly sure it's in the opposite direction to the one before.
It's not just that economies have gone into reverse - spectacularly so in the case of the UK, if you share the pessimism of the IMF. There's also a more general sense - that the market capitalism they've promoted so long here at Davos is now seriously in retreat.
Even here, the call is for more regulation and more government to save the global market system from itself. But when the fog finally lifts, some here fear there won't be much of a global market system left. At least when it comes to international capital.
Speaker after speaker in the meeting halls talked today of preventing a costly retreat into protectionism. But where the financial system is concerned, we're already there. Nearly all governments are pressuring their banks to direct scarce lending to their home markets, with costly consequences for countries like the UK that depend on foreign loans. When things get tough, we've learned that even the most 'global' of commercial banks will skulk home to raid the coffers of national governments.
Persuading developing countries to open their economies to global capital flows has always been a hard sell - especially after the emerging market crises of the late 1990s. Now even some senior policy makers in the UK and US are wondering whether a global capital market can work.
In a few years time, Davos Man may make a comeback. But if it's globalisation he's talking about I suspect it will be globalisation minus finance.