Davos Desperately Seeking the Next Internet

To feel good again, the world’s financial elite need a growth catalyst like the Internet. America’s shale gas revolution fits the bill. Ask delegates at the World Economic Forum in Davos for their 2013 outlook, and that simple idea features in most answers. It may only surface as a passing reference in conversations around the Swiss ski resort. But in the echo chamber of Davos, the notion that shale gas is a reason to be bullish has become common wisdom. The argument is familiar. As fracking – the technique to extract gas from shale – takes off, that benefits satellite businesses that serve the industry. That stimulates the broader economy. What’s more, shale lowers energy costs, benefiting American industry by lowering expenses. Factor in a healthier housing market, and you have the makings of a durable recovery in a region accounting for about a quarter of the global economy....