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 increasing fragility of the international order, according to a press release on the conversation.
The exchange, recorded on the sidelines of the Davos summit, examined how global cooperation can be sustained amid rising geopolitical tensions, polarization and suspicion of democratic and financial institutions. This conversation is part of Kamath’s “People by WTF” podcast series.
Harari said that large-scale human cooperation is built primarily on shared trust in institutions and common narratives, rather than on force. Financial systems, nation states and legal frameworks function because of collective trust, he said, warning that when that trust is eroded, predictability and stability decline.
He also cautioned against a shift from institution-driven governance to personality-driven politics, arguing that democratic resilience depends not only on elections, but also on trust in procedures, shared facts, and institutional continuity.
Artificial Intelligence was another prominent topic, with the discussion highlighting the risks of AI-generated information and its potential impact on governance and public truth. Kamath drew parallels between markets and geopolitics, saying that both are ultimately based on trust.
The full episode has been released online.