Bono praises capitalism for rescuing people from poverty – but warns those it has ‘chewed up’ are driving politics ‘towards populism’
- U2 frontman was speaking at the World Economic Forum in Davos, Switzerland
- Bono described capitalism as a ‘wild beast’ that is ‘amoral’ rather than immoral
- Said it had succeeded in taking more people out of poverty than ‘any other ism’
- But those it has ‘chewed up’ are driving politics ‘towards populism’, he warned
Bono has praised capitalism for rescuing people from poverty – but warned those it has ‘chewed up’ are driving politics ‘towards populism’.
Speaking at the World Economic Forum in Davos, Switzerland, the U2 frontman described capitalism as a ‘wild beast’ that is ‘amoral’ rather than immoral.
The 58-year-old, a prominent campaigner on development issues for decades, said it had succeeded in taking more people out of poverty than ‘any other -ism’ but that ‘if not tamed it can chew up a lot of people on the way.’
Those who have not benefited from capitalism are, he said, driving ‘the politics in our home towards populism.’
Bono (pictured in Davos, Switzerland, today) has praised capitalism for rescuing people from poverty – but warned those it has ‘chewed up’ are driving politics ‘towards populism’
Speaking at the World Economic Forum in Davos, Switzerland, the U2 frontman (pictured today) described capitalism as a ‘wild beast’ that is ‘amoral’ rather than immoral
He said: ‘Capitalism is not immoral, it is amoral and it requires our instruction. It has taken more people out of poverty than any other ‘ism’ but it is a wild beast and if not tamed it can chew up a lot of people along the way.
‘Those peoples’ lives that it has chewed up are pushing the politics in our homes towards populism.’
Bono also said that he’s had a change of heart with regard to the International Monetary Fund, an institution he once considered to be the ‘Great Satan’ for its ‘bullying of junior economies.’
Heaping praise on IMF managing director, Christine Lagarde, Bono said the IMF has changed.
The development community, he said, values Lagarde’s ‘tough mindedness’ but he added he would still be on her ‘case.’
He was among several high-profile leaders including Japanese Prime Minister Shinzo Abe and German Chancellor Angela Merkel due to address the World Economic Forum today amid a wider debate on the merits of populist nationalism versus global co-operation.
The 58-year-old (pictured today), a prominent campaigner on development issues for decades, said it had succeeded in taking more people out of poverty than ‘any other ism’ but that ‘if not tamed it can chew up a lot of people on the way’
Mr Abe and Mrs Merkel, who lead the third and fourth largest economies in the world, represent internationally minded governments keen on supporting free trade and co-operation.
Their speeches to the global elite in the Swiss ski resort of Davos will come a day after Brazilian President Jair Bolsonaro and US secretary of state Mike Pompeo extolled their governments’ renewed focus on national self-interest.
Mrs Merkel is also addressing the gathering amid growing uncertainty in Europe over Brexit after British MPs last week voted down Prime Minister Theresa May’s deal with the European Union.
Since then, there has been growing talk that Britain could crash out of the bloc without a deal or that it will end up extending its date of departure from the current March 29.
The trade conflict between the United States and China will also be in focus when China’s vice president Wang Qishan addresses the conference.
On Tuesday, Mr Pompeo said he was ‘optimistic’ that there will be a ‘good outcome’ in upcoming trade discussions with China in Washington.