In this article on the Telegraph website William Langley voices scepticism over Bill Gates and Warren Buffett’s pledge to give half their wealth to charity. Langley calls into question the sustainability of this new ‘philanthrocapitalism’, a term that denotes an emerging trend towards blending charitable giving with market disciplines (a trend advocated by Gates and Buffet).
If one looks to the Gates Foundation, which by 2020 is expected to have a GDP higher then 70% of the developing world, Langley argues that while there is no doubt the foundation is saving lives, its long term effectiveness is doubtful. This is because, it is argued “the foundation gives with one arm and takes with the other” (Foreign Affairs). For example, the foundation’s fundraising arm allegedly invests in companies that pollute the environment, exploit poor workers and distort the global financial system. The foundation is also charged with luring health workers and medical resources away from other areas of need that are less glamorous and causes with less famous advocates.
And if this philanthrocapitalism is not the answer, Langley offers a possible alternative by quoting a Guardian contributor, who argued last month “if the rich really wish to create a better world, they can sign another pledge: to pay their taxes on time and in full… to give their employees better wages, pensions, job protection and working conditions”.
To read the full article visit the Telegraph website.
