Bono Says Capitalism Takes More People Out Of Poverty Than Aid

Africa needs capitalism :     

In a recent speech at Georgetown University, the U2 star said, ‘Aid is just a stopgap. Commerce [and] entrepreneurial capitalism take more people out of poverty than aid. We need Africa to become an economic powerhouse.’ Is he right?

And so are welfare payments and unemployment compensation .. Capitalism has lifted more people from squalor than any other form of government in Man’s history. There are not liberal lifestyle choices…

Signs and Wonders: Bono blasts aid, touts capitalism in Africa

Paul David Hewson, better known as rock band U2’s front man Bono, recently spoke at Georgetown University and made news by saying, “Aid is just a stopgap. Commerce [and] entrepreneurial capitalism take more people out of poverty than aid. We need Africa to become an economic powerhouse.” Until now, Bono had been more of a proponent of big government programs for raising people out of poverty, but it’s possible his own experience may be playing a role in his thinking. In addition to being one of the world’s most famous rock stars, he’s also one of the world’s most successful venture capitalists. He is co-founder of the venture firm Elevation Partners, which was an early investor in Facebook. When the social media company went public, Elevation Partners’ stake was worth more than $1.5 billion.

 

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