Over at Ars, I’ve got a new post about Bill Gates’s call for “creative capitalism.” I took the opportunity to highlight one of the most interesting recent discussions in libertarian philosophy:
Gates’s arguments are strikingly similar to those of Whole Foods CEO John Mackey, a self-described free-market libertarian who has long emphasized that successful businesses must do more than merely maximize profits. In a 2005 debate with economist Milton Friedman and T.J. Rodgers of Cypress Semiconductors, Mackey rejected the the traditional free-market view that a business’s only obligation is to maximize shareholder profits. To the contrary, Mackey argued, businesses have obligations to customers, employees, shareholders, and the broader communities where they reside. As supporters of capitalism, both Gates and Mackey embrace the arguments for free trade and free markets in Adam Smith’s The Wealth of Nations. But both like to cite Adam Smith’s earlier work, The Theory of Moral Sentiments, which is focused on man’s desire to help his fellow man. They argue that this desire to help others can be at least as powerful a motivator as the drive to increase profits.
I also suggest that Gates take a second look at free software as an excellent example of “creative capitalism” in action. Read the whole thing here.
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