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Bill Gates: The Private Sector Is Inept

October 27, 2015 in Blogs

By Janet Allon, AlterNet

The world's richest man doubts that the private sector is up to the most important job.


Bill Gates, still the world's richest man after all these years, does not have a lot of faith in his fellow billionaires or even capitalism when it comes to doing the right thing. It turns out he thinks the private sector is too selfish and inept to tackle the dire climate change situation, and relying on it would be courting disaster. Better to take a quasi socialist approach and remove the profit motive altogether from this important work.

In a wide-ranging interview with The Atlantic recently, Gates tacked pretty hard to the left. “There's no fortune to be made,” he said, when it comes to developing clean energy sources and mitigating climate change. Besides, he pointed out, ”the private sector is in general inept. How many companies do venture capitalists invest in that go poorly? By far most of them.” 

The tech magnate, who has pledged $2 billion of his own money for R&D (which seems like a lot until you consider that he is worth $79.2 billion, according to Forbes), said he was pleasantly surprised when he dug into the history of government research into big scientific questions.

“Since World War II, U.S.-government R&D has defined the state of the art in almost every area,” Gates told the Atlantic. “When I first got into this I thought, ‘How well does the Department of Energy spend its R&D budget?’ And I was worried: ‘Gosh, if I’m going to be saying it should double its budget, if it turns out it’s not very well spent, how am I going to feel about that? But as I’ve really dug into it, the DARPA money is very well spent, and the basic-science money is very well spent. The government has these ‘Centers of Excellence.’ They should have twice as many of those things, and those things should get about four times as much money as they do.”

Gates is doing a solo world tour to convince the world's richest nations to commit to innovating their way out of catastrophic climate change, …read more

Source: ALTERNET

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