Bill Gates and the Billionaire Philanthropy SCAM /// False Hope of PHILANTHROCAPITALISM

Discussion with Jason Myles and Pascal Robert, hosts of This is Revolution Podcast about Philanthropy and how billionaires use the idea of charity to make themselves richer and gain more control.

(from Episode 1329)

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excerpt from The Merits and Drawbacks of Philanthrocapitalism

Posted On : March 14, 2019 Published By : BER staff

Bill Gates, the poster-child for the moral billionaire, has confidently stated that, “Businessmen and businesses are best placed to save the world” at the 2008 Davos Annual Meeting. With the rise of a handful of individuals that have amassed exorbitant amounts of wealth, the landscape of philanthropy has significantly changed. While charity is in no way a new development, the emergence of philanthrocapitalism is relatively new and its implications are only beginning to unfold.

Philanthrocapitalism is different from traditional forms of philanthropy because it involves a capitalist, market-based, for-profit approach to solving the world’s biggest and most pressing issues. Rather than simply writing a check, the ultra-wealthy are taking on a very personal and involved approach by starting their own philanthropic ventures and applying market-based solutions to the causes they take up. This has resulted in 72% of charitable foundations being established in just the past 25 years. Uday Khemka, an Indian investor, entrepreneur, and philanthropist, predicted that “philanthropy will increasingly come to resemble the capitalist economy.” As concentrated entrepreneurial wealth continues to grow, more and more millionaires and billionaires are engaging in this new form of philanthropy, proving Khemka’s prediction to be true. This is clearly evident with the most recent development of philanthrocapitalism, the Giving Pledge, which the financial research company Wealth-X projects to be worth $600 billion by 2020. Founded by Bill and Melinda Gates and Warren Buffett, the Giving Pledge is a moral commitment made by billionaires to donate half of their wealth to different causes, ranging from combating poverty to improving global health. While this pledge is not a legal obligation, the purpose of the Giving Pledge is not only to get the wealthy to direct their money towards philanthropy, but also to get them to invest it “smarter.” This is exactly where the capitalist aspect of this new wave of philanthropy comes in.

These ultra-wealthy philanthrocapitalists have positioned themselves as the solution to the world’s overwhelming myriad of problems. The widely held belief that the moral billionaires of the world will be the solution to the world’s problems sets the foundations for a market-based capitalist approach to philanthropy. It encourages billionaires to employ models of profit maximization that are used in the private sector and have allowed them to accumulate the wealth they are looking to “redistribute” in the public sector. In this case, however, the profit they seek to maximize is the social welfare and social quality.

Philanthrocapitalism has the potential to be quite powerful. Philanthrocapitalism challenges the unsustainable and impractical notion of simply throwing money at a problem, and encourages creative problem solving. Furthermore, philanthrocapitalism has enjoyed unparalleled financial backing, which makes its ambitious plans to end global poverty, provide disaster relief, bolster education, and promote sustainability theoretically feasible.