Sunday, Jun 26, 2022
Outlook.com
Good Money

The Root Of All Good

Most of us feel and fear our dependency on others (society), and seek security, power and "independence" in money.

The Root Of All Good
illustration by Jayachandran
The Root Of All Good
outlookindia.com
-0001-11-30T00:00:00+05:53

A recent UNCTAD study shows that 29 of the world’s largest economies, measured by value added, are corporations. That means Nigeria’s 100 million plus people generate less wealth every year than DaimlerChrysler; Chile’s output is comparable to Exxon’s. By some measures, the combined wealth of Pakistani ceos in California exceeds Pakistan’s gdp! The power of money is evident. Money makes the developing world grow—and the fact is that the developing world is critical to the future of big business. Four out of every five consumers already live there, and 63 million of the 64 million people being added to the planet every year are in developing countries. In today’s world, there is a rapidly expanding role for wealth, in helping finance and sustain development across the globe.

The power of money drives the world of philanthropy, one of the world’s most distinctive virtues. There are large pools of untapped private money available for investment and development purposes that have the potential to be more stable and sustainable than hot money investment flows. One source is charities, foundations and some wealthy individuals. In the US alone, some $30 trillion will change hands in coming decades as older, wealthier generations die and seek to disperse assets. Much of that—driven by tax incentives—will go into charitable pursuits.

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