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Creative Capitalism, According To Gates…
According to Bill Gates, “Creative Capitalism is an approach where governments, businesses, and nonprofits work together to stretch the reach of market forces so that more people can make a profit, or gain recognition, doing work that eases the world’s inequities.”
While at the World Economic Forum in Davos, Switzerland, Bill Gates took the opportunity to talk to world leaders about what he feels are the shortcomings of Capitalism as it stands right now, and challenged them to take on a project of creative capitalism in the coming year and to put the power of Market forces behind the effort to help the poor.
His travels have brought him face to face with the poverty and disease in some of the poorest countries of the world and he is unsatisfied with the way the world capitalistic system is working or better yet, not working for the poor.
The Keys to his Plan Include:
- For businesses to dedicate their top people to poor issues, an approach that may be more powerful than traditional corporate donations and volunteer work.
- Governments should set policies and disburse funds to create financial incentives for businesses to improve the lives of the poor.
- The belief that leading companies should find ways to sell to and work with the poorest, not just concentrate on the bottom line.
- In a market where profits are not possible, then recognition becomes the incentive that triggers market based rewards for good behavior.
His sentiments are shared by others, Muhammad Yunus, the economist from Bangladesh who won the 2006 Nobel Peace Prize for his work providing small loans to the poor, is going around the U.S. promoting a new book that calls capitalism only “half developed” because it focuses only on the profit-oriented side of human nature, not on the satisfaction derived from helping others.
An example of a company taking the Gate approach to Capitalism and Philanthropy is Google’s current effort in their “Innovate or Die Contest”.
If we can spend the early decades of the 21st century finding approaches that meet the needs of the poor in ways that generate profits and recognition for business, we will have found a sustainable way to reduce poverty in the world. (Gates)
An effort worth taking on…
bill gates Creative Capitalism philanthropy poverty World Economic Forum
