14 DAY TRIAL // Microsoft Chairman and Co-founder Bill Gates has set on a track to revolutionize capitalism. With the inherent aura of the richest man on the planet, Gates is now looking to convert businesses and business leaders to his own vision of capitalism. In this context, Gates' vision is of a new concept of capitalism, one that would end up benefiting the world's poorest people. Present at the World Economic Forum in Davos, Switzerland, Gates invited companies to increase their responsibilities when it came down to building products and debut initiatives that would ultimately benefit society.
"The challenge here is to design a system where market incentives, including profits and recognition, drive those principles to do more for the poor. I like to call this idea creative capitalism, 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. Some people might object to this kind of market-based social change, arguing that if we combine sentiment with self-interest, we will not expand the reach of the market, but reduce it," Bill Gates stated.
Without a doubt, Gates is practicing what he is preaching. In the summer of 2008, Gates will leave his day-to-day role with the Redmond company and dedicate his efforts to the Bill and Melinda Gates Foundation. With a capital of in excess of $62 billion, the Gates Foundation is the top philanthropic institution worldwide.
"Creative capitalism takes this interest in the fortunes of others and ties it to our interest in our own fortunes in ways that help advance both. This hybrid engine of self-interest and concern for others can serve a much wider circle of people than can be reached by self-interest or caring alone. My thinking on this subject has been influenced by many different experiences, including the work Microsoft does to address inequity," Gates added.