Gates calls for 'creative capitalism'

DAVOS, Switzerland, Jan. 28 (UPI) -- Microsoft Corp. Chairman Bill Gates in Davos, Switzerland, called for a 21st century capitalism to help the poor while meeting the needs of businesses.

At the World Economic Forum, a convention that includes many of the world's most renown economists, financiers and political leaders, Gates called for a new "creative capitalism," that would "stretch the reach of market forces to bring the benefits of science and technology to everyone."

Gates asked business leaders to allow their staff time to work on world problems, such as poverty, hunger and disease.

"If we're going to find a sustainable way to help those who can't pay, we have to use self-interest and caring – capitalism and philanthropy – to direct attention to people who have been left behind," he said.

The concept included allowing businesses to make a profit on ideas that have benefits to society, a statement released by the forum said.

Gates used the example of a pharmaceutical company selling vaccine at reduced prices to populations that were poor and in need.

If we can spend the early decades of the 21st century finding approaches that meet the needs of the poor in ways that generate profits for business, we will have found a sustainable way to reduce poverty," he said.