A century ago, Rockefeller decided to put his vast fortune to public use, offering to endow a federal institution to fight disease, poverty and ignorance. Hotheads attacked him, claiming that he was just trying to buy a good name, and Congress demurred. So, instead, in 1913, Rockefeller set up the Rockefeller Foundation with two initial gifts totaling $100 million. No institution did more in the 20th century to further the cause of international development. It led the way in the eradication of hookworm in the U.S. South, helping pave the way for the region's economic development. It supported the Nobel-prizewinning work that created the yellow-fever vaccine. It helped Brazil eliminate a malaria-transmitting strain of mosquito. And perhaps most stunningly, it funded the Asian Green Revolution, the transformative agricultural success that enabled India and other countries to escape endless cycles of famine and poverty.

Now Bill and Melinda Gates, backed by more than $30 billion of their own funds and an additional $31 billion of Warren Buffett's, can do the same. Like the Rockefeller Foundation, the Gates Foundation rightly looks to technology for the breakthroughs that can end extreme poverty on a global basis. Its original focus has been on health technologies, but now the foundation is expanding to agriculture, water and other areas that are also critical in the fight against poverty.

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A century ago, Rockefeller founded the Rockefeller Foundation with the aim of fighting disease, poverty, and ignorance. Despite criticism, the Foundation played a pivotal role in various achievements in the 20th century, such as eradicating hookworm in the U.S., aiding the development of the yellow-fever vaccine, and supporting the Asian Green Revolution. Similarly, Bill and Melinda Gates, with the support of Warren Buffett, now have the opportunity to make a significant impact with their own foundation. With a focus on technology and a vast amount of funding, the Gates Foundation aims to tackle global poverty by exploring breakthroughs in various critical areas, including health, agriculture, and water.