Davos has evolved significantly since its founding as the European Management Forum, a relatively low-key retreat focused on the project of European integration. Its current metamorphosis, driven largely by President Trump, is more swift and pronounced than any prior period. Gone is the yearslong emphasis on the United Nations Sustainable Development Goals, the implementation of the Paris accords and how governments should rely on local organizations to carry out their development programs. Stakeholder capitalism and the environmental, social and governance objectives are likely to take a back seat, too.