Thursday, August 15, 2013

(Related update): Rock Star Bono promoting markets and capitalism?

Related Update: With a hat tip to Carpe Diem, who highlights and discusses the chart below, here's what Bono had in mind when he gave the GU talk I referenced in the original post:

Original Post: U2 front man and famed rock star, social activist, Bono, may have become a convert to the power and morality of free-markets!  Yes, you read that right -- Bono promoting capitalism! For years, he's been a huge advocate of first-world aid to Africa.  And for years, his attitude and views towards capitalism -- at least as he (mistakely) understood it -- were less than supportive.  But apparently, he's had a change of heart.  With a big nod to Peter Cresswell, the hero architect running the Not PC website, here's a video of a portion of a talk Bono gave recently at Georgetown University.  It's only a minute long, so watch it and pay close attention to him:

Did you notice at the end that he mention aid? Well, that's the standard left-liberal solution to the poverty of Africa -- just have all the rich countries given billions of dollars and the poverty will end.  Except not.  The west, mostly America, have given over a trillion dollars to Africa in the last 4-5 decades with pathetically minimal results.  Bono was originally an aider; but if this video is any indication, he's starting to realize that it's free-markets, commerce, and capitalism that can lift Africa out of poverty, not foreign aid.  Indeed, as this excellent, albeit not new, WSJ piece makes clear, foreign aid actually holds back African development.