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Saturday, July 08, 2006
Libre: ‘Philanthropicapitalism’
By Mel Libre
Seriously Now
If wealth is a dream, then excessive wealth can be a nightmare. How many of us have heard of people who win the lotto and become totally detached from their friends in pursuit of cash-spending frenzy? But if millions of pesos can make one crazy, what more for one who has billions of dollars to freely dispose of?
One can only wonder what was in the mind of the wealthiest man in the world, Bill Gates, when he set aside $31 billion, a substantial part of his fortune, for charity work. But more amazing is the decision of Warren Buffet, the second wealthiest, to plough in $37 billion of his assets to the foundation set up by Bill Gates and wife Belinda.
To top it all, Gates has hinted he will step down as chairman of Microsoft in favor of pursuing fulltime work in the Bill & Melinda Gates Foundation.
The war chest of the foundation has doubled making it the wealthiest privately run non-profit organization in the world. With the altruistic goal of eradicating disease and poverty in developing countries, it will have its hands full, what with governments plagued with corruption, apathy and ineptitude. Gates says: “Given the size of problems we are taking on, we can more than double the impact we have.”
It may be reasonable for Buffet to give away 85 percent of his wealth, as he is advanced in age at 75 years old. But why would Gates, 50, decide to volunteer his money to charity? He reportedly made the decision on his epic plan after a World Development Report persuaded him that it would make more difference if he helped now than wait until he grew old.
Buffet, who has three children, said: “I am not an enthusiast for dynastic wealth, particularly when the alternative is six billion people having much poorer ‘hands’ in life than we have.” His act reminds me of the main character of my favorite book, Og Magdino’s “The Greatest Salesman in the World,” who gave away almost all of his possessions, leaving just enough for himself until his death.
The commendable acts of Gates and Buffet have opened the door to what is referred to as “philanthropicapitalism.” With atrociously high taxes in the First World, these gold-minted capitalists may have realized that instead of giving their money to government to be squandered in destructive wars and a bourgeoning bureaucracy, they might as well direct these straight to the beneficiaries.
But the task is not as easy as it seems. The Gates Foundation is reportedly having difficulty giving away 5 percent of the assets it is legally obliged to each year if it is to qualify for special tax treatment. There seems to be very few reliable organizations that it can contract out to bring the benefits to those most deserving.
The message, though, is clear for those who have more than enough wealth. Make good use of your blessings through sharing. Andrew Carnegie, father of modern philanthropy, once said: “…the man who dies rich dies disgraced.” That indeed would be a nightmare.
For Bisaya stories from Cebu. Click here. (July 8, 2006 issue)
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