Genetically modified foods offer both promise and controversy. Photo: Joost J. Bakker IJmuiden (Flickr)

For decades, the term “genetically modified organism” has sounded like something inherently inedible. But a loud new voice is replying that the world should eat up anyway.

In January, philanthropist Bill Gates emerged as a leading advocate of genetically modified organisms, or GMOs. In his annual letter, he claimed that any conceivable plan to feed our growing population includes investment and development in GMOs. Gates and other proponents believe that innovation in GMOs produce plants with higher yields, less susceptibility to disease and drought, and more ability to adapt to global climate changes.

Opponents of the technology paint a different picture. Last week, farmers from across America and Canada convened in New York to protest against GMOs, claiming that they destabilize agricultural yields and markets, have yet to be proven healthy and mostly benefit only a handful of multinational corporations. Resistance to GMOs has been more effective in other parts of the world, most notably in Europe where consumers' "overwhelming opposition to the technology" has led some companies to completely suspend GMO sales on the continent, despite the outright backing of GMOs by the European Commission.

As technology develops and the world’s population continues to grow, the debate will also continue. Should we invest in GMO innovation? Are GMOs part of the problem, or the solution in 21st century agriculture and global food security?

Bill Gates gave a major speech at the World Economic Forum in Davos on Wednesday, calling for creative capitalism to do a better job of serving the world's poor as well as the rich.

In a lengthy interview he gave with the Wall Street Journal prior to the speech, Gates expressed concern for how "capitalism, while so good for so many, is failing much of the world." His recommendation is for companies to dedicate a larger percentage of their resources toward figuring out how they can make money by doing business with and improving the lot of the neediest third of the world's population.

Video of the entire speech is available here.