[Government investment in basic research], in my view, has been as much a part of history as a vibrant market economy. Without such government support, there would be no American semiconductor industry. No early adoption of computers, no Internet, no global positioning system.
— Indra Nooyi, CEO of Pepsi
It is important to affirm and celebrate the role of the individual in the creation of wealth. One significant reason that some people accumulate great wealth is through their extra effort, creativity, faithfulness and sacrifice. Individuals do make a difference—sometimes the difference between success and failure.
Yet it is equally important to acknowledge the role of a wide variety of influential factors, such as luck, privilege, other people’s efforts, and society’s investment in the creation of individual wealth. Despite our individual gifts, few things we do are ours alone. Ideas or products do not emerge in an historical vacuum— and other people’s input, labors, feedback, and suggestions are always involved.
[Society does a lot] to create and maintain the fertile soil in which some individuals accumulate great wealth. It includes a regulated marketplace, stable property laws, consumer protection laws, government–sponsored research, subsidized education, transportation, and other public systems, such as utilities and communications infrastructures.
In my opinion, the main implication is that we must recognize that society has a legitimate claim upon the wealth of the wealthy. This is not simply a matter of charitable giving, of “giving back” to institutions that have made a difference to us, such as schools, arts institutions, et cetera. It is also an obligation to pay taxes—to pay for the public institutions that foster equality of opportunity and to give others the opportunities that we’ve had. I think it means we should have a progressive inheritance tax or estate tax.
— William H. Gates, Sr.
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