The Great Reset is not a conspiracy to force changes in economic systems

In June 2020, as countries were still reeling from the first wave of the COVID-19 pandemic, the World Economic Forum pitched a set of policy ideas it called “The Great Reset.”

The international organization wanted governments around the world to seize the “rare but narrow window of opportunity” for social and economic change offered by the pandemic “to reflect, reimagine, and reset our world to create a healthier, more equitable, and more prosperous future.”

What were its broader goals?

The initiative aimed to make markets fairer through increased coordination among governments and improved trade agreements; to ensure that government spending advances shared goals like equality and sustainability; and to use innovation to support the public good by addressing health and social challenges, according to a June 2020 article by Klaus Schwab, the founder of the World Economic Forum.

But according to conspiracy theories about the plan, the initiative advocated that nations  eliminate all debt, install an expansive social credit system, abolish private ownership, exterminate sections of the global population, create a global currency, impose a police state and create an alternative soccer tournament in Europe.

Those claims have all been debunked by fact-checkers. Yet, conservative political commentator Liz Wheeler claimed in a Facebook video that the Great Reset aims to replace capitalism with an economic system that is “kind of socialism, kind of communism” but “mostly just facism.” The video was originally shared on Feb. 26 but recently began recirculating.

The video was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.) 

The World Economic Forum has repeatedly denied unfounded allegations that The Great Reset is a secret plan orchestrated by international elites to use the pandemic to change social and economic systems in order to create a global totalitarian regime.

Adrian Monck, the international organization’s managing director, told PolitiFact that Wheeler’s claims are “ludicrous” and are being perpetuated by “disinformation actors.”

An October 2020 article about The Great Reset written by Schwab does not ask countries to replace capitalism with another economic system. 

“The reset that we need is not a revolution or a shift to some new ideology,” Schwab wrote at the time. “Rather, it should be seen as a pragmatic step toward a more resilient, cohesive, and sustainable world.”

The BBC reported in 2021 that the plan’s lack of specificity plus the fact that it came from an influential group “provided fertile ground for conspiracy theories to grow.”

Schwab advocated in 2019 and 2020 for a “virtuous” capitalist system, in which companies “pay their fair share of taxes, show zero tolerance for corruption, uphold human rights throughout their global supply chains, and advocate for a competitive level playing field.” 

The Great Reset conspiracy theory was initially boosted by Republicans, became popular among QAnon believers, and can include anti-Semitic elements.

We reached out to Wheeler for comment but did not receive a reply.

Our ruling

A Facebook post says the Great Reset advocates replacing capitalism with an economic system that is “kind of socialism, kind of communism” but “mostly just fascism.”

The World Economic Forum never advocated for the creation of a totalitarian world government or the replacement of capitalism with another economic system. There is no evidence to support this theory, and it has been thoroughly debunked. 

We rate the claim False.