A discussion between Zerodha co-founder Nikhil Kamath and historian-author Yuval Noah Harari at the World Economic Forum in Davos focused on the weakening of global institutional trust and the growing fragility of the international order, according to a press release issued on the conversation.
Recorded on the sidelines of the Davos summit, the exchange examined how global cooperation can endure amid rising geopolitical tensions, polarization, and skepticism toward democratic and financial institutions. The conversation forms part of Kamath’s “People by WTF” podcast series.
Harari said that large-scale human cooperation is built primarily on shared belief in institutions and common narratives rather than force. Financial systems, nation states, and legal frameworks function because of collective trust, he noted, warning that when this trust erodes, predictability and stability decline.
He also cautioned against the shift from institution-driven governance to personality-driven politics, arguing that democratic resilience depends not only on elections but also on confidence in processes, shared facts, and institutional continuity.
Artificial intelligence was another key theme, with the discussion highlighting risks around AI-generated information and its potential impact on governance and public truth. Kamath drew a parallel between markets and geopolitics, saying both are ultimately sustained by confidence.
The full episode has been released online.
