Skip to comments.Bono: “Capitalism takes more people out of poverty than aid”
Posted on 08/13/2013 8:22:56 AM PDT by grundle
Our Research Fellow George Ayittey met the Irish rock star Bono in July 2007 during a TED conference. Professor Ayittey was speaking and in knowing that Bono would be in the audience, he explains that I made a special effort to rip into the foreign aid establishment. . . . Later, Bono said he liked my speech but did not agree with me that foreign aid is not effective in ending poverty. So I gave him a copy of my book, Africa Unchained: The Blueprint for Development.
Bono (nee Paul David Hewson) is the lead singer in the rock group U2, one of the most successful rock groups in history. Bono also became a major proponent of greatly expanded U.S. foreign aid and other government programs (including debt cancellation) to alleviate the dire plight in the world of HIV/AIDS, malaria, abject poverty, and other issues.
Bono has further been Co-Founder and Managing Director with the venture capital firm, Elevation Partners, and he may well be the worlds wealthiest musician after his investment in the Facebook IPO, which made over $1.5 billion for the firm.
Bono is also a Christian (see here, here, and here). He is an admirer of the work of C.S. Lewis and used Lewiss book The Screwtape Letters in a music video for the song Hold Me, Thrill Me, Kiss Me, Kill Me, the theme song for the film, Batman Forever. More recently, he has indicated in an interview with Jim Daly at Focus on the Family that Lewis might inspire the next U2 album:
Bono: Its very annoying following this Person of Christ around [chuckling], because Hes very demanding of your life.
Daly: Its very hard.
Bono: And its hopeless trying to keep up with it.
Daly: In fact, Bono, C. S. Lewis has a great quote which I love: When a man is getting better, he understands more and more clearly the evil thats left in him. When a man is getting worse, he understands his own badness less and less. That is powerful, isnt it?
Bono: Yeah, it might that could turn up on the next U2 album, but I wont give him or you any credit.
Just recently drawing upon his Christian faith (and possibly the economics influence of Professor Ayittey?), in a speech at Georgetown University, Bono altered his economic and political views and declared that only capitalism can end poverty.
Aid is just a stopgap, he said. Commerce [and] entrepreneurial capitalism take more people out of poverty than aid. We need Africa to become an economic powerhouse.
Bono encouraged students to think of what they can do to support those in Africa and other developing nations that are in need of justice and comfort.
He compared the effort to how St. Ignatius of Loyola, the founder of the Society of Jesus, made his commitment to serve others.
Thats what Im hoping happens here at Georgetown with you, he said. Because when you truly accept that those children in some far off place in the global village have the same value as you in Gods eyes or even in just your eyes, then your life is forever changed, you see something that you cant un-see.
C.S. Lewis well understood the fallacy and indeed evil of statism in addressing the pains and suffering of our world, and we welcome Bonos new insights into the matter. And Professor Ayitteys incisive work can also be found in the Independent Institute book, Making Poor Nations Rich: Entrepreneurship and the Process of Economic Development, edited by Benjamin Powell.
For one brief shining moment I thought this was about Cher Bono.
FOREIGN AID: The act of taxing poor people in rich countries for the benefit of rich people in poor countries. —Douglas Casey
And it took him HOW many years to figure that out?
He should think about how much harm he caused in africa then
When he had all those fundraising concerts for raising money to send food- this works maybe ONLY after a disaster- but not as a way of moving people from poverty
All it does is make them take the free food rather than buy it from the farmers, and so the farmers go out of business and next year you need even more free food.
Your green room pass has just been revoked.
With all due respect, if we’ve got to get intellectual aid from a rock star, we may as well be getting leadership from a dope-addled quota baby pseudo intellect as president.
Whatever one may say about capitalism, it’s the free market economy that generates money to pay for all the other stuff.
Communism never generated a cent.
Well, it’s a start...I’ll be gullible and be the eternal optimist...I grew up with their music and still love it.
This unfortunately, though, will make all the pastors who are socialist suckers fawning...many of them don’t even know they’re socialists...you know the type, the ones from white guilt still think 0bama should be given a chance and that since he says he’s a Christian we should take him at his word.
“And claim the victory Jesus won...”
from the song “Sunday, Bloody Sunday”
from the album “War”, one of their earliest and IMHO their best.
Which explains the Live Aid debacle when Geldof couldn’t account for the expenses incurred and small pittance it produced due to red tape. I’m not gonna rip much on Geldof as he got ostracized for praising Bush’s efforts for AIDS relief in Africa.
On concerts after a disaster? That’s nonsense and unneeded. I go to the Philippines on business and on average/year they get hit like right this week, 10 typhoons and 3 super typhoons which kills thousandss..every damn year, yet they rebuild like nothing happened. I see these concerts for Sandy and show how much wusses Americans have become.
Bono said that? He must have been on a bad acid trip.
I am not entirely sure who the messenger is but his message is sound and echoed by messengers I am sure of.
He keeps supporting a government more hell bent on giving away other peoples money then teaching them to be successful in their own land.
You have to grow flowers where they pop-up and move them to other countries.
An Irishman who couldn't give a shit about the Irish
Hey he just figured this out? Bravo! :-) Capitalism without corporatism is a wonderful thing. The idea that one can leverage a skill/product/idea capitalizing on it is a great thing because it harnesses the power of the individual and regardless of how many bureaucrats you have you will never have enough to do for each person what they can best do for themselves.
that’s a nice quotation, never seen that one before
“We need Africa to become an economic powerhouse.
Yet he voted for a President that stated a desire for the opposit. Dear Leader stated that we can not have a strong middle class in Africa, we can’t have them living in homes, having air conditioning or driving big cars. If they did reach this level of success, the earth would catch on fire!
Bingo!!! Love it.
Off the same record- I don’t know if they still close their shows with “40” but it is unmistakably a reading of Psalm 40- “I waited patiently for The Lord, he inclined and heard my cry...I will sing, sing a new song”. Their music and an interest in Pope John Paul 2 got me re-introduced to Christianity during some very tumultuous teen years.
Chere Bono is a raging liberal.
Fine. Supported and convinced many to vote for a President that called for the opposit in Africa.