How Real Capitalists See the World

While a disproportionate number of people are occupied with the Occupy Wall Street protests, it is amazing that the numerous good things that come from principled capitalism are altogether ignored. Leaving aside the predictable views of some of those supporting and opposed to the Occupy Wall Street protests in New York and the rest of the world, I came across this short but really good NYT story about what real capitalists can and often do to benefit society.

Worthy of reading for oneself, I find it profound for the reason that it highlights the exceptional degree of generosity from Robert and Dorothy King. Having built their own enterprise and made substantial sums, they have opted to make a donation of US$ 150 million to Stanford University to establish the Stanford Institute for Innovation in Developing Economies. Its purpose is to study the creation of programmes and businesses through which a large difference could be made.

To my mind, this gift is profound for a couple of reasons, including the fact that it is an expression of generosity at a particularly difficult moment when many people may be anxious about the possibility of a second recession and its possible effects on further erosion of their wealth. Equally important is the fact that as the political hacks are looking for people to blame and make some political mileage from the ongoing controversy, this family has demonstrated that real capitalists go ahead with their work, support what hey can and leave everyone to judge the result. there's no better way to defend capitalism. As I said in an earlier post, this couple makes me shout, "Capitalism Rocks".    


  

Bucksbaum Bequest Credits Couple and Capitalism

I am an unqualified admirer of capitalism and freedom not only because there is no better alternative but mostly because such an alternative would hardly emerge.  A very substantial and well-considered bequest by Carolyn and Mathew Bucksbaum to the University of Chicago's medical school well demonstrates the immense social and moral value of capitalism. As stated by Dirk Johnson in this NYT story,  the bequest of US$ 42 million of money earned is to be dedicated to research and teaching medical practitioners to treat patients with empathy. This idea behind the bequest  Bucksbaum Institute for Clinical Excellence is informed by the experience of Mrs. Bucksbaum at the hands of a less-empathetic doctor.

No doubt the couple are worthy of a national award from the President but the main lesson for me is how effective real capitalism is in channeling funds towards causes that nobody pays for. And it is quite laudable that the couple did not throw a small portion of that money into a lobby group to ensure that government pays for that need. A story like this becomes useful for demonstrating the fact that while markets may be amoral, high-minded philanthropy such as this is only possible with capitalism. Capitalism rocks!