Word: capitalisme
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These left-wing objections have their equivalents on the right. With the term creative capitalism, some critics complain, Gates is implying that capitalism itself isn't creative. Superenthusiasts of free markets believe that any goal capitalism fails to achieve can only be the fault of interference from the government. Gates...
Beyond slogans, some conservatives believe that Gates' emphasis on changing the behavior of large corporations in developed countries is misplaced. More good can be done, they say, by spreading the gospel of free markets to places where corruption and red tape still strangle capitalism than by tinkering with the machinery...
In 1970, Nobel-laureate economist Milton Friedman wrote a magazine article about "corporate social responsibility," an earlier term for something very much like creative capitalism. Friedman said the responsibility of corporations was to maximize value for their stockholders--period. Anything else was a betrayal of those stockholders, who can always...
As it happens, Gates' financial history has followed the Friedman philosophy more than his own. Gates founded Microsoft and ran it with legendary single-mindedness for three decades. There was not a lot of energy devoted to lifting up the world's poor. Now, having squeezed every drop out of...
And the general reaction to Gates' proposals has been positive. Certainly no one can seriously object to his putting these issues on the table. His timing is excellent: there is growing interest, especially among young people, in helping the world's poorest. Even the most troglodytic corporation is feeling pressure...