Against the high-altitude backdrop of the World Economic Forum in Davos, Zerodha co-founder Nikhil Kamath sat down with historian and bestselling author Yuval Noah Harari for a wide-ranging conversation on one of the defining questions of our era: what holds the global order together when trust in institutions begins to fray?
The dialogue, recorded on the sidelines of the annual gathering of political and business leaders, moved beyond headline politics to explore deeper structural tensions confronting modern societies. At a time marked by geopolitical volatility, intensifying polarization, and mounting public skepticism toward traditional power centers, the discussion focused on the invisible glue that sustains cooperation across borders.
Harari argued that human dominance has never been rooted in physical strength, but in the ability to cooperate at scale. That cooperation, he said, depends on shared belief systems, from financial markets and nation-states to international treaties and legal frameworks. These structures endure not because of coercion alone, but because societies collectively place trust in them.
“Humans control the world not because we are stronger than other animals, but because we cooperate better. And cooperation depends on storytelling,” Harari noted during the exchange.
A recurring theme was the gradual shift from institutional loyalty to personality-driven politics. When public trust attaches itself to individuals rather than systems, long-term agreements and democratic stability become vulnerable. Harari emphasized that democracy requires more than periodic elections, it depends on faith in processes, shared facts, and institutional continuity.
Kamath, drawing parallels from his experience in financial markets, underscored that both markets and geopolitics ultimately run on confidence. “If trust is the foundation of finance, it is also the foundation of geopolitics,” he observed.
The conversation also delved into the implications of artificial intelligence. Beyond economic disruption, the pair explored a more philosophical concern: as AI systems increasingly generate information and narratives, how can societies safeguard human agency and a shared sense of truth? In a world where machines can influence public discourse at scale, the boundaries between information, authority, and meaning are rapidly evolving.
Hosted under Kamath’s podcast platform People by WTF, the episode situates itself within larger debates about democratic resilience, institutional durability, and the technological transformation of governance. The platform features in-depth discussions with leaders across business, policy, technology, and culture. Past guests have included Elon Musk, Narendra Modi, Bill Gates, Nandan Nilekani, Ranbir Kapoor, and Kumar Mangalam Birla.
As global leaders convene annually in Davos to debate growth, conflict, and cooperation, the conversation between Kamath and Harari offered a sobering reminder: institutions, like markets, are only as strong as the trust that sustains them.
The full episode is available on YouTube.
-By Shivani Solanki
