In the world of celebrity-do-gooders, Bono has earned the reputation of being more than a mouthpiece. Over two decades, the musician has created the ONE campaign, worked with Amnesty International, collaborated on the Band Aid concerts, and became increasingly involved in poverty-stricken Africa. He worked for years to promote debt forgiveness for African nations, while working for increased foreign aid.
And now? Bono says capitalism is the answer. Rudy Carrasco writes at Prism Magazine:
…Marian Tupy, who writes at the Cato Institute blog, ‘For years, Bono has been something of a pain, banging on about the need for billions of dollars in Western foreign aid…’
The world has taken notice that Bono has adjusted his economic tune. In a November 2012 speech at Georgetown University, Bono said, ‘Aid is just a stopgap. Commerce [and] entrepreneurial capitalism take more people out of poverty than aid.’ One month earlier Bono had shared at a tech conference in Ireland that he was humbled to realize the importance of capitalism and entrepreneurship in philanthropy.
These recent declarations, however, have been brewing for a few years. A 2010 New York Times op-ed by Bono notes how ‘lefty campaigners’ and business elites are learning to collaborate: “The energy of these opposing groups is coming together [because both] see poor governance as the biggest obstacle they face.”
Bono’s affirmation—that business takes more people out of poverty than aid—should be a rallying cry for a new generation.