Capitalism has taken more people out of poverty than any other political philosophy, Bono has told the World Economic Forum.

The U2 singer said “unlocking” private sector funds can help achieve amazing things in developing countries.

“Capitalism is not immoral, it’s amoral,” Bono said.

“It has taken more people out of poverty than any other ‘ism’ but it is a wild beast and if not tamed it can chew up a  lot of people along the way”

He said that in some countries people who had their lives chewed up are pushing politics towards populism.

“We have to have some humility about what we can achieve in  the private sector but if we can unlock it it’s amazing what you can pull off.”

He added that young activists were driving change in business, and were loyal to ideas rather than brands.

“Even great businesses can go extinct, like a species, if they don’t adapt and evolve.”

More to follow…

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