PHILANTHROCAPITALISM AS A BIOETHICAL ISSUE

Abstract

Philanthropy is one of the fastest growing industries in the global economy. Philanthropic billionaires have unprecedented power in creating education policy, directing the development of global agriculture and dictating trends in global health policy. According to its critics, instead of an altruistic aid, philanthropic capitalism is, in essence, an ultimate way of gaining profit under the guise of humanity. Large charities replace state institutions as social service providers. Due to the size of donations, financial power and political influence, philanthrocapitalists, such as Bill Gates, successfully embody their vision of global problem solving and by doing that they focus on the consequences rather than removing the causes. In this paper we will explain the basic settings of philanthrocapitalism and point out the issues it raises in society. Through the example of the Bill and Melinda Gates Foundation, we will explain the three basic negative aspects of philanthrocapitalism, namely antidemocracy, paternalism and amateurism, and we will explain why philanthrocapitalism should be a focus of bioethical discussions, since philanthrocapitalists have an increasing role in creating public policies