News in IT

Speaking at Davos, world's richest man says market forces can help alleviate poverty.



Microsoft Chairman Bill Gates called on Thursday for a new "creative
capitalism" to help the world's 1 billion poorest who live on less than
$1 a day.


Gates, one of the world's richest men, said he was not dumping the
basic tenets of capitalism but argued market forces must be better used
to address the needs of those left behind by advances in technology and
healthcare.


"We have to find a way to make the aspects of capitalism that serve
wealthier people serve poorer people as well," he told the annual
meeting of the World Economic Forum in Davos, Switzerland. "I like to
call this idea creative capitalism."


The speech to top businessmen and politicians in Davos reflects Gates's
growing focus on philanthropy. Gates built Microsoft into a formidable
and sometimes controversial money machine, which has been accused in
the past of abusing its market position.


But he will retire from full-time employment at Seattle-based Microsoft
at the end of June to concentrate on his charitable organization, the
Bill & Melinda Gates Foundation. The organization, founded in 2000,
supports projects to improve health, reduce poverty and increase access
to technology.


Gates said the self-interest behind capitalism had driven multiple
innovations but to harness it to the benefit of all required the system
be refined.


Greater focus on recognition for improving the lives of others could
provide a spur for companies to focus more on making money out of
providing valuable products at affordable prices to the world's poor.


He urged multinationals to pledge the services of their top people to the work.


"This kind of contribution is even more powerful than giving cash or
offering employees time off to volunteer. It is a focused use of what
your company does best," he said.