Bono: Only Capitalism Can End Poverty [Video]

You probably figure that like most prominent artists and entertainment celebrities, U2 frontman Bono would be a typical left-liberal.

But you’d be wrong.

The Values & Capitalism blog of the American Enterprise Institute observes that “For a rock star whose travels to developing nations and advocacy of foreign aid are well known, this focus on commerce has surprised many observers—and apparently the man himself.”

In a recent speech at Georgetown University’s Global Social Enterprise Event, Bono admitted that even he himself finds it hard to accept that he has become a rock star who preaches capitalism. “Wow; sometimes I hear myself and I just can’t believe it,” he said.

Bono is well known for leading charitable organizations and initiatives that are fighting poverty and disease in Africa. He also may or may not be the world’s wealthiest musician as a result of his investment in the Facebook IPO.

At the Georgetown speech, Bono made the following statements:

“Aid is just a stop-gap. Commerce [and] entrepreneurial capitalism takes more people out of poverty than aid.

“In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure.

“Entrepreneurship is the most sure way of development.”

In a speech in Dublin in October, Bono express similar sentiments according to Forbes.

“Job creators and innovators are just the key, and aid is just a bridge… We see it as startup money, investment in new countries. A humbling thing was to learn the role of commerce.”

The clip below contains a portion of Bono’s Georgetown University remarks:

[top image credit: 360b/Shutterstock.com]