Last month, 40 US billionaires including Bill Gates and Warren Buffett agreed to donate at least half their fortunes to worthwhile causes. Their actions reflect a keen sense of social responsibility and are consistent with a tradition first established by Andrew Carnegie, John Rockefeller and other successful entrepreneurs of the past 2 centuries.
In the broadest sense, these behaviors can
be seen as part of a virtuous cycle of American capitalism, in which our
uniquely entrepreneurial culture creates both wealth and the
philanthropic mechanisms by which that wealth can be recycled.
Some suggest that this cycle is the defining characteristic of American capitalism. In fact many conservatives and supporters of private enterprise believe this is single most important mechanism by which our economy differs from socialist economies, in which government takes responsibility for recycling wealth, and the economies of developing nations, in which the fortunes of those in control are almost never recycled.
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