Adam Smith famously argued that the pursuit of self-interest in a free market would benefit all in society. What is less well remembered is that he also said sympathy, by which he meant a concern for one’s fellows, was essential for the cohesion and stability of that society. Business eagerly embraced the self-interest part of the equation, leaving sympathy for others to deal with. In the long run that has undermined the spirit of capitalism, which many see as an invitation to selfishness on the part of companies and individuals. Altruism and capitalism seemed unlikely bedfellows.
There are signs now that the tide is turning. Bill Gates of Microsoft and Warren Buffett of Berkshire Hathaway hit the headlines but, even in Britain, those who find themselves with more money than they need or want are looking for ways to do something useful with their surplus. Moreover, if they are business people they know about money and how it can be most usefully employed to create and grow enterprises, even where those enterprises are social as well as commercial. They are not content to write cheques to strangers with no strings attached, however worthy the cause, any more than they would give it to one of their managers without requiring proper accountability for its use.
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