Davos 2023 buzzwords | All you need to know about 'polycrisis' and 'mattering'

'Polycrisis' and 'mattering' are buzzwords used at Davos 2023 (Image: World Economic Forum/Sikarin Fon Thanachaiary)

Here's a guide on the two terms - 'polycrisis' and'mattering' - popularised by the World Economic Forum 2023.

Know the meaning of the words, their brief history, and in which context they were used in the recent discussions and conversations.

'Polycrisis'

Collins dictionary describes ‘Polycrisis’ as the simultaneous occurrence of several catastrophic events.

The term was reportedly coined first by French philosopher Edgar Morin and Brigitte Kern in 1999 in their book “Homeland Earth: A Manifesto for a New Millennium”.

Later in 2016, Jean-Claude Juncker, former European Commission President, used the term to describe domestic security threats, threats in the neighbourhood, the refugee crisis, and the Brexit referendum.

Adam Tooze’s explanation of 'Polycrisis'

Then, economic historian Adam Tooze popularised the term with the explanation of its meaning in 2022. He had said, “A problem becomes a crisis when it challenges our ability to cope and thus threatens our identity. In the polycrisis the shocks are disparate, but they interact so that the whole is even more overwhelming than the sum of the parts."

What WEF’s Global Risk Report 2023 said about ‘Polycrisis’

Popularised by the World Economic Forum, the Global Risks Report 2023 used the term, to explain how “present and future risks can also interact with each other to form a ‘polycrisis’ – a cluster of related global risks with compounding effects, such that the overall impact exceeds the sum of each part”.

The report, produced in collaboration with Marsh McLennan and Zurich Insurance Group, identifies multiple global risks and is an appeal for action to save the world against upcoming shocks.

WEF's report used the word 'Polycrisis' to sum up rising energy and food prices (due to the war in Ukraine), cost of living crisis and social unrest (due to inflationary pressures), rise in carbon emissions (due to reopening of industries after the Covid pandemic).

The Global Risks Report 2023 explores some of the most severe risks we may face over the next decade. The world faces a set of risks that feel both wholly new and eerily familiar, the report said. The intersection of current risks with emerging crises poses the greatest risk of a polycrisis, the report also said.

The report explored how by 2030, a "polycrisis" centred on natural resource limitations may develop as a result of connections between the various rising dangers.

Stating that when volatility in multiple domains grows in parallel, the risk of polycrises accelerates, the report said, "Concurrent shocks, deeply interconnected risks and eroding resilience are giving rise to the risk of polycrises – where disparate crises interact such that the overall impact far exceeds the sum of each part."

Speaking at the launch of the Global Risks Report, Saadia Zahidi, Managing Director at the World Economic Forum, said the risks we face will evolve slowly over the coming decade. Zahidi said the Global Risk Report analysis focuses on a potential "polycrisis", relating to shortages in natural resources such as food, water, and metals and minerals, illustrating the associated socioeconomic and environmental fall-out through a set of potential futures.

Tooze, spoke with Moneycontrol on the sidelines of WEF Annual Meeting 2023, and talked about the threat of polycrisis.

‘Mattering’

'Mattering', meaning 'to be important', is synonymous with ‘sense of belonging’ and ‘connectedness’.

The term "mattering" was reportedly first used in 1980s by social psychologist Morris Rosenberg while studying self-esteem among adolescents.

The term "Mattering" was discussed as recently as January 17 by Alexi Robichaux, Co-Founder and Chief Executive Officer, BetterUp Inc, which is a leadership development platform. This report which is part of the WEF Annual Meeting 2023 said, "Employees want to know that their work matters, and the management is uniquely positioned to help provide this sense of mattering to the workforce."

The report also said "Mattering" provides us with the motivation to endure the stress of ambiguity, volatility and disruption in a fragmented world.

Prior to this, in 2022, in the US Surgeon General report of "Framework for Workplace Mental Health and Well-Being”, 'mattering at work' was described as one of the five pillars. "Mattering" here is used in terms of 'belief' that you are valued and important to others. It said "mattering" is used in the sense that we all need to feel that our work matters, has an impact, and helps our organisation, colleagues, or society. The report noted "people want to know that they matter to those around them through their work and also that the quality of their actions matters to the value of the work."