Bill Gates while speaking at the Royal Academy of Engineering’s Global Grand Challenges Summit pointed out that capitalism has ‘flawed priorities’. According to the Microsoft Company founder, “male baldness research gets more funding than malaria.”
His focus throughout his speech was the fact that how the marketplace imperative dictates funding for research. It means that consumer demand is now deciding the amount of dollars to be spent in different research departments. Male baldness or other cosmetic surgeries receive more funding than malaria vaccine. The medicine to eradicate the viral disease ‘virtually’ doesn’t get any funding. It is when organizations like The Gates foundation step in and locate the under-invested areas of sciences and provide help to them.
Since Gates was speaking at an engineering college, he also pointed out a few more things about the declining interest in the field of science in rich countries with Asia being an exception. He said that there is a lot that medical engineering could do to help the research to provide more vaccines and drugs for diseases like malaria that could help the poor people dying in developing countries especially. His focus remained on the fact that the flaws in capitalism were a big reason why people are now looking for jobs and are doing research in fields that have more money because the people in rich countries have a high demand for them.
Bill Gates might have a point here. People, as in the consumers, in developed countries are much more after looking and appearing good rather than feeling well. Probably because malaria and related diseases are much more common in developing countries, and they are the ones who need vaccines more to combat them off. The big chunk of funding for research in rich countries therefore goes to cosmetic treatments etc. It’s sort of what capitalism does. Money favors money, and that’s that.
Some people are also calling Bill Gates a hypocrite because he does belong to a capitalist background. A whole lot of debate has generated, especially online, that the founder of Microsoft Company is now disregarding capitalism.
Bill Gates is criticizing capitalism for its flawed priorities. Also, don't forget to upgrade to Microsoft Windows 8 and Office 2010.— Brian Waters (@MyTwoYen) March 15, 2013
Hypocrite or not, he has made a very good point here. Tell us what you think about capitalism in our comments sections. We will be more than pleased to hear your views.