From Wealth of Nations to Common Wealth of Nations
With the recent publication by Forbes magazine of the ranking of the world’s richest people, a new prospect comes into focus. According to Forbes, there are now around 950 billionaires in the world, with an estimated combined wealth of $3.5 trillion. That’s up an amazing $900 billion in just one year. Even after all the yachts, mansions and luxury living that money can buy, have been funded many times over, these billionaires will still have nearly $3.5 trillion to change the world. Suppose they pooled their wealth, as Buffett has done with Bill and Melinda Gates. By standard and conservative principles of foundation management, a $3.5 trillion endowment would have a 5 percent payout of around $175 billion, an amount sufficient to extend basic health care to all the poorest of the world; end massive pandemics of AIDS, TB, and malaria; jump-start an African Green Revolution; end the digital divide; and address the crying need for safe drinking water for one billion people. The group of fewer than one thousand people would outstrip the entire $105 billion development aid of the twenty-two donor governments that represent a combined population of nearly one billion people. In short, this billionaires’ foundation would be enough to end extreme poverty.
Similarly, companies can play a huge role not only as providers of technology but also as customers of local output from impoverished regions. When companies like Starbucks, Nike, or Gap source from low-income communities, they are not creating poverty (as is sometimes alleged) but reducing it. Of course, this is only true if these companies appease dedicated NGOs like Global Witness, Oxfam, the Interfaith Centre on Corporate Responsibility, Amnesty International and CERES and abide by internationally recognised labour standards and human rights principles related to community rights, workers’ health, and so on.
With the recent publication by Forbes magazine of the ranking of the world’s richest people, a new prospect comes into focus. According to Forbes, there are now around 950 billionaires in the world, with an estimated combined wealth of $3.5 trillion. That’s up an amazing $900 billion in just one year. Even after all the yachts, mansions and luxury living that money can buy, have been funded many times over, these billionaires will still have nearly $3.5 trillion to change the world. Suppose they pooled their wealth, as Buffett has done with Bill and Melinda Gates. By standard and conservative principles of foundation management, a $3.5 trillion endowment would have a 5 percent payout of around $175 billion, an amount sufficient to extend basic health care to all the poorest of the world; end massive pandemics of AIDS, TB, and malaria; jump-start an African Green Revolution; end the digital divide; and address the crying need for safe drinking water for one billion people. The group of fewer than one thousand people would outstrip the entire $105 billion development aid of the twenty-two donor governments that represent a combined population of nearly one billion people. In short, this billionaires’ foundation would be enough to end extreme poverty.
Similarly, companies can play a huge role not only as providers of technology but also as customers of local output from impoverished regions. When companies like Starbucks, Nike, or Gap source from low-income communities, they are not creating poverty (as is sometimes alleged) but reducing it. Of course, this is only true if these companies appease dedicated NGOs like Global Witness, Oxfam, the Interfaith Centre on Corporate Responsibility, Amnesty International and CERES and abide by internationally recognised labour standards and human rights principles related to community rights, workers’ health, and so on.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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