Yeah Capitalism!

August 2, 2008

Bill Gates has an excellent piece on what he calls “creative capitalism.” Essentially, he believes that capitalism is the means, with just a little push from governments and philanthropists, to eradicate poverty and disease. He acknowledges that poor countries are poor often because they essentially have no rule of law, but that this shouldn’t stop us from doing what we can to improve their conditions – mainly through market forces.

Ultimately, Gates wants to encourage businesses to find markets in poor parts of the world and thereby increase their bottom lines  – a slight adaptation of Milton Friedman’s observation that the “social responsibility of business is to increase its profits.”

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