Reimagining Capitalism

Billionaires have become this year’s punching bag, as too many folks see a system stacked against them. Here’s our blueprint to make the greatest economic engine ever invented more authentic, accessible and accountable.

- Randall Lane

SITTING IN A MODEST ROOM IN NEW YORK’S immodest Peninsula Hotel, the richest person in the world for most of the past 20 years ponders an existential question suddenly in vogue among the left’s confiscatory set: Should he even exist? “It is fascinating,” says Bill Gates, “that for the first time in my life, people are saying, ‘Okay, should you have billionaires?’ ”

Dispassionately, he begins to unpack that thesis. “I’m afraid if you really implemented something like that, that the amount you would gain would be much less than the amount you would lose. Now, that sounds self-interested, so who’s the neutral witness on this one? … We need somebody who’s not wealthy to say that in some cases allowing people to be wealthy is okay.”

Allow me to raise my hand. For the past year, I’ve had one-on-one discussions with no fewer than two dozen billionaires, including face-to-face meetings with the three richest people in the world—Jeff Bezos, Gates and Warren Buffett—touching on various aspects of capitalism’s future. It comes at an urgent moment: You’d have to go back to the 1960s, or maybe even the 1930s, to find a time when the primacy of the free market system was so widely questioned.

Just 56% of Americans say they have a positive image of capitalism, according to a Gallup poll last summer, compared with 37% who said the same thing about socialism. In a Fox News poll during the same period, 36% of adults approved of a shift in the U.S. “away from capitalism and more toward socialism”—a huge increase from 2012, when just 20% said so.