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Bono: We Need Capitalism to End Poverty

[. . .] In a recent speech at Georgetown University’s Global Social Enterprise Event, Bono admitted that even he himself finds it hard to accept that he has become a rock star who preaches capitalism. “Wow; sometimes I hear myself and I just can’t believe it,” he said.

Bono is well known for leading charitable organizations and initiatives that are fighting poverty and disease in Africa. He also may or may not be the world’s wealthiest musician as a result of his investment in the Facebook IPO.

At the Georgetown speech, Bono made the following statements:

“Aid is just a stop-gap. Commerce [and] entrepreneurial capitalism takes more people out of poverty than aid.

“In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure.

“Entrepreneurship is the most sure way of development.”

[. . .]

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