THE FRESH NOBLE FACE OF CAPITALISM 03072006

A dynastic ambition appears to be a primordial instinct in the motivation of the species Homo sapiens.  Pursuit of wealth accumulation in one’s lifetime and the abiding desire to pass on the surpluses so created to one’s offspring as prime inheritors is universally regarded as a worthy goal.  In this manner, dominions have been expanded and empires created by restless spirits who fulfilled the selfish ‘natural’ expectation of sharing the spoils amongst their biological children, other family, or trusted aides and associates.  The wealth so inherited is often not held in trust for the uplifting of communal welfare but for the continued self aggrandizement of the select beneficiaries, so that they could subordinate other less fortunate citizens who did not win the lottery for an illustrious patriarch at the point of foetal conception.  Indeed, a man would only be forgiven for consciously picking someone else’s child as the inheritor of his accumulated wealth in the unusual case of being childless or when his child or children are afflicted with mental malady.  Thus, a life will be considered to be well spent, the greater the wealth accumulated for the inheritance of one’s lineage or dynasty.  Indeed, the success of modern day capitalism derives principally from this motivation and the world economy has expanded tremendously over the ages as the collateral of selfish, individual wealth accumulation.  In fact, the victory of capitalism over a socialist orientation as a driver of communal development is evidenced by the collapse of the communist regimes of the Soviet Socialist Republics (USSR) where the individuals’ drive for wealth accumulation was formally regimentally circumscribed! 

Today, the United States of America holds aloft the beacon of capitalism and American capitalist gladiators top the exclusive list of the world’s richest men and earn more income every year than most of the nation states in Africa put together.  By the very nature of capitalism, these eminently endowed men owe no one no apologies for their stupendous wealth accumulated in accord with centuries’ old tradition of winner-takes-all in conquest or state sponsored piracy.  However, in the last two centuries, particularly from the time of the abolition of slavery and the slave trade and the American war of independence and the French revolution, which was fueled by the clamour for liberty and equality, and justice an increasing brigade of capitalist moguls have acknowledged the discomfiting twangs of a social conscience and have made rather ‘feeble’ attempts to obscure the evil face of capitalism with the benign balm of philanthropy.  The Fords, the Rockefellers, the Carnegies, are some of the illustrious American families that have set aside a modest fraction of their wealth for the administration of a foundation for funding and supporting worthy social amenities and causes as a way of giving back to society a small part of what society has given to them!

Interestingly, the act of giving out to charity has not seemed to diminish the size of the wealth of these families as they have continued to prosper over several decades; but in general, the family wealth has always remained under the close control of a family dynasty!  In other words, none of these illustrious families has truly given all to charity and followed the messiah according to biblical injunction.  Last week, however, one such captain of capitalism, indeed the second richest man in the world with a personal worth of over $42 billion came close to doing just that.  Warren Buffet, a colossus  in the business of insurance gave away 85% of his assets (about $37bn) to the charity run by Bill & Melinda Gates, the world’s richest couple, who had themselves set up the foundation a couple of years ago with seed money of about $15bn.  

The Gates Foundation is dedicated to ameliorate inequalities in our world and fund research that would lead to cures for some of the world’s deadliest diseases such as aids, malaria and cancer; capacity building in some of the world’s poorest nations will also receive the attention of world’s number one philanthropists.  Mr. Buffet responded to a question on why he did not will the larger proportion of his wealth to his able-bodied, sound-minded and carefully cultured children, by saying that he did not believe in dynastic wealth and does not accept that handing over vast inheritances to one’s children, family or associates as a proper way to run an equitable, peaceful and stable society. Mr. Buffet expressed his belief that in the same manner that the honour accorded to an Olympic gold medal winner cannot be transferred to their offspring; by the same token wealth should not inevitably be inherited barely on the platform of biological or social relationships!  Sound, revolutionary words for a blue blooded capitalist if you ask me!    Mr. Buffet is certainly no fool, he has no doubt quietly observed how huge inheritances have created a yoke for the offspring of such benefactors as the Onasis, the Kennedies, the Hearsts and countless other successful American families.  More often than not, the beneficiaries are often driven to distraction by the ghost of their parents and under achievement.  In the end, the world may be the real losers for not allowing rich kids to develop their own potentials in their own way.

It is inevitable to contrast Mr. Buffet’s altruism with other very successful business magnates all over the world.  It is no doubt unusual for one to provide a major competitor in the stakes for the title of the world’s richest man with more funds so that he controls even greater wealth than one, even though this will be in accord with the biblical injunction that the rich will become richer and the poor poorer!  An observation of our domestic space in Nigeria indicates that the field of sincere and selfless charity is still a very dry arid zone with pallid unenduring stems; philanthropic endowments which have outlasted their original benefactors are few and far between in Nigeria, and those that have survived have the vestiges of our erstwhile colonial missionaries.  

Warren Buffet’s almost total commitment to the welfare of mankind should be a serious challenge to successful and wealthy people all over the world.  Capitalism is a good force for driving communal economic and social development, but it would be a better force if those to whom much is given by society also owe it as a noble obligation to give much if not all of what society has benevolently endowed them with, rather than, seeing their wealth from the primitive prism of dynastic wealth accumulation.  When this happens, the world may truly witness a new dawn of capitalism, which is also in tune with universal spirit of brotherhood where we all become each other’s keepers!