Bill Gates: We need more creative capitalism

When I look around at the world, one of the things that gives me great hope is the fact that more and more people are waking up to the fact that business, the markets, capitalism, etc. has the potential to be a force for tremendous good. Social entrepreneurship, corporate social responsibility, socially responsible investing, etc., all have the potential to make a significant positive impact.

So it was interesting to find an article in Time magazine by Bill Gates, talking about that very thing. His phrase for it is "creative capitalism." He notes that, while capitalism has had a substantial positive effect on the lives of many, far too many others have been passed by completely. One billion people live on less than a dollar a day, lacking nutritious food, clean water, and electricity.

As Gates sees it, for real change to occur, creative capitalism needs to be part of a whole system that includes government and non-profits.

...the world will make lasting progress on the big inequities that remain — problems like AIDS, poverty and education — only if governments and nonprofits do their part by giving more aid and more effective aid. But the improvements will happen faster and last longer if we can channel market forces, including innovation that's tailored to the needs of the poorest, to complement what governments and nonprofits do. We need a system that draws in innovators and businesses in a far better way than we do today.

Speaking of things that give me hope, Gates has this to say about the new generation of people in the work force...

There's another crucial benefit that accrues to businesses that do good work. They will find it easier to recruit and retain great employees. Young people today — all over the world — want to work for organizations that they can feel good about. Show them that a company is applying its expertise to help the poorest, and they will repay that commitment with their own dedication.

The piece that appeals to me most about all of this is, as Gates points out, the fact that positive change has the potential to "happen faster and last longer" when paired with the power of the markets.

Doing well by doing good fuels its own positive progress.

[hat tip to The Huffington Post's James Boyce for the link]

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by Curt Rosengren, Passion Catalyst

Comments

[Ron Robins]

Great thoughts! Considering your beliefs and Bill Gates' comments, you might want to visit my site. It uniquely covers the latest global news and research on ethical/socially responsible investing. It's at http://investingforthesoul.com/

Best wishes, Ron Robins