Irish rocker Bono isn’t shy about expressing his views, and during the World Economic Forum in Davos, Switzerland, the U2 frontman spoke about capitalism before global business leaders.
The singer attended a panel centered on closing the multi-trillion dollar financing gap in accomplishing the UN’s goal to end worldwide poverty by 2030, reports The Irish Times. Bono discussed the benefits of capitalism but warned it needs to be monitored.
“Capitalism is not immoral — it’s amoral. It requires our instruction,” he told panel attendees. “Capitalism has taken more people out of poverty than any other ‘ism.’ But it is a wild beast that, if not tamed, can chew up a lot of people along the way.”
Bono, 58, has a net worth of approximately $700 million and formed the rock band U2 in 1976. He is also a social activist and has been fighting global poverty through the organization One, which he co-founded in 2004. He is a musician, businessman, and philanthropist. But that doesn’t prevent him from occasionally making controversial statements. In December, he made the dubious decision to compare One to the NRA.
“Whatever you feel about the NRA – and I don’t like them very much – they’re a very well-organized group and we want ONE to be the NRA for the world’s poor,” Bono said at the Economic Club of Chicago’s event discussion with ECC Chair and Ariel Investments President Mellody Hobson (via Rolling Stone). “So the ONE campaign – if you’re getting in the way of legislation that will make lives easier for the world’s most vulnerable populations, we’re gonna find out where you live [and] we’re gonna camp outside your office.”
Earlier this month, Bono announced that he and private equity firm TPG created an organization to measure the social and environmental returns of investments, reported Barrons. Y Analytics is geared towards investors who are as passionate about social and environmental impacts as they are on returns on investments.
“Y Analytics will help inform capital in pursuit of change, ensuring that every dollar is used most effectively and providing a common language to pursue positive impact—narrowing the gap to reach the Sustainable Development Goals and advancing progress toward sustainability and economic inclusion,” TPG founder and managing partner Bill McGlashan said in the statement.
