Synopses & Reviews
Philanthropy has long been a distinctive feature of American culture, but its crucial role in the economic well-being of the nation--and the world--has remained largely unexplored.
Why Philanthropy Matters takes an in-depth look at philanthropy as an underappreciated force in capitalism, measures its critical influence on the free-market system, and demonstrates how American philanthropy could serve as a model for the productive reinvestment of wealth in other countries. Factoring in philanthropic cycles that help balance the economy, Zoltan Acs offers a richer picture of capitalism, and a more accurate backdrop for considering policies that would promote the capitalist system for the good of all.
Examining the dynamics of American-style capitalism since the eighteenth century, Acs argues that philanthropy achieves three critical outcomes. It deals with the question of what to do with wealth--keep it, tax it, or give it away. It complements government in creating public goods. And, by focusing on education, science, and medicine, philanthropy has a positive effect on economic growth and productivity. Acs describes how individuals such as Benjamin Franklin, Andrew Carnegie, Bill Gates, and Oprah Winfrey have used their wealth to establish institutions and promote knowledge, and Acs shows how philanthropy has given an edge to capitalism by promoting vital forces--like university research--necessary for technological innovation, economic equality, and economic security. Philanthropy also serves as a guide for countries with less flexible capitalist institutions, and Acs makes the case for a larger, global philanthropic culture.
Providing a new perspective on the development of capitalism, Why Philanthropy Matters highlights philanthropy's critical links to the economic progress, health, and future of the United States--and beyond.
Review
"While philanthropy is generally seen as a positive practice, few view it as a sustaining capitalistic force that drives the economy. Acs seeks to change this in an informative and enlightening . . . look at philanthropy's many positive repercussions. . . . Economists will find this book helpful in crystallizing the long-term impact of philanthropy and the degree to which it influences the American economy."--Publishers Weekly
Review
"In The Gospel of Wealth (1889), Andrew Carnegie urged his prosperous contemporaries to avoid 'hoarding great sums' and to give their 'surplus' wealth away during their lifetimes, to strengthen an economic system that might thereby produce some riches for all. In the more measured tones of an economist, Mr. Acs is making much the same point: A capitalist economy not only enables but requires philanthropy. Through it, entrepreneurs can support the kinds of institutions that generate discoveries and that provide pathways for other people to make their own fortunes."--Leslie Lenkowsky, Wall Street Journal
Review
"Acs' effort to link philanthropy to greater income equality, opportunity and security is admirable and potentially important."--Glenn C. Altschuler, Tulsa World
Review
The best pro-philanthropy book I know. Glenn C. Altschuler - Tulsa World
Review
"Drawing on research conducted over 30-plus years, Acs's examination documents historically how philanthropy has affected and been affected by the entrepreneurial spirit unique to the American economic system. . . . This is a worthwhile read for U.S. economists as well as those wishing to understand how American-style capitalism and philanthropy create innovation."--Elizabeth Nelson, Library Journal
Review
"Acs develops an interesting account of American economic history as he traces the activities of philanthropists across the decades."--Kirkus Reviews
Review
"Acs' major achievement here is to understand philanthropy's oft-neglected and uniquely American role in economic growth."--Evan Sparks, Philanthropy Magazine
Review
[E]asily the best work on the subject I have read. Evan Sparks - Philanthropy Magazine
Review
"The best pro-philanthropy book I know."--Tyler Cowen, Marginal Revolution
Review
Finalist for the 2014 George R. Terry Book Award, Academy of Management
Review
"Accessible, well-informed critical research in a field that is attracting growing interest."
Synopsis
The hidden role of philanthropy in enriching America's prosperity--and the world's
Philanthropy has long been a distinctive feature of American culture, but its crucial role in the economic well-being of the nation--and the world--has remained largely unexplored. Why Philanthropy Matters takes an in-depth look at philanthropy as an underappreciated force in capitalism, measures its critical influence on the free-market system, and demonstrates how American philanthropy could serve as a model for the productive reinvestment of wealth in other countries. Factoring in philanthropic cycles that help balance the economy, Zoltan Acs offers a richer picture of capitalism, and a more accurate backdrop for considering policies that would promote the capitalist system for the good of all.
Examining the dynamics of American-style capitalism since the eighteenth century, Acs argues that philanthropy achieves three critical outcomes. It deals with the question of what to do with wealth--keep it, tax it, or give it away. It complements government in creating public goods. And, by focusing on education, science, and medicine, philanthropy has a positive effect on economic growth and productivity. Acs describes how individuals such as Benjamin Franklin, Andrew Carnegie, Bill Gates, and Oprah Winfrey have used their wealth to establish institutions and promote knowledge, and Acs shows how philanthropy has given an edge to capitalism by promoting vital forces--like university research--necessary for technological innovation, economic equality, and economic security. Philanthropy also serves as a guide for countries with less flexible capitalist institutions, and Acs makes the case for a larger, global philanthropic culture.
Providing a new perspective on the development of capitalism, Why Philanthropy Matters highlights philanthropy's critical links to the economic progress, health, and future of the United States--and beyond.
Synopsis
"This marvelous and insightful book provides, to my knowledge, the first link between the philanthropist and economic performance. Exceptionally original and a pleasure to read, it will induce many scholars and policymakers to reconsider the way they think about the economy and the important role played by philanthropy."
--David B. Audretsch, Indiana University"Why Philanthropy Matters argues that philanthropy is the institutional element that enables the creation of great wealth and the recycling of that wealth across generations. With timely and well-grounded arguments, this breakthrough book offers a new vision of philanthropy's place in American economic thought."--Roger R. Stough, George Mason University
"This thought-provoking book provides a deeper understanding of how the market-based capitalist system works and how it has helped to increase societal prosperity. Acs puts the role of the philanthropist in historical and institutional context, and his insights will be of considerable interest to a broad audience."--Pontus Braunerhjelm, Royal Institute of Technology
Synopsis
A new form of philanthropy has emerged on the back of neoliberal economic globalisation which has encouraged wealth concentration in the hands of a few super-rich individuals and families emanating from both the global south and the global north. Over the last two decades individual capitalists and private corporations have become increasingly involved in philanthropy often through the establishment of foundations targeted at helping to reduce social problems, such as poverty, disease, and food security. While philanthropic activities may be considered worthy in themselves, this important book questions the political and ideological reasons why rich individuals and large companies are engaged in poverty reduction through philanthropy. New philanthropy risks being a sticking plaster without long-term results, because it fails to tackle social injustice or structural reasons for inequality. The book will be of value to academics, upper-level undergraduates and postgraduates in politics, sociology, economics and development studies.
Synopsis
Over the past twenty years, wealthy individuals and private corporations have become increasingly involved in philanthropy, often by establishing foundations targeted at helping to reduce poverty, disease, and other social problems. But as the essays in this interdisciplinary volume show, this new philanthropy does not provide a long-term solution, because it fails to tackle social injustice or the structural reasons for inequality. Placing this discussion in a global context, this far-reaching book questions the political and ideological reasons why rich individuals and companies engage in poverty reduction through philanthropy and suggests that the new philanthropy and social justice debate extends far beyond national boundaries.
About the Author
Zoltan J. Acs is University Professor and director of the Center for Entrepreneurship and Public Policy in the School of Public Policy at George Mason University. He is the coauthor of Entrepreneurship, Geography, and American Economic Growth.
Table of Contents
Introduction
~ Behrooz Morvaridi
Part One: New philanthropy and social transformation Philanthropy and its critics: a history
~ Hugh Cunningham
From love to money: can philanthropy ever foster social transformation?
~ Michael Edwards
Does economic theory lead to a cynical view of philanthropy?
~ Samuel Cameron
From philanthropy to philanthropists
~ Tom Parr
Part Two: Philanthrocapitalism and the process of commodification Philanthrocapitalism, biodiversity conservation and development
~ George Holmes
Philanthrocapitalism, ʻpro poorʼ agricultural biotechnology and development
~ Sally Brooks
Part Three: Philanthropy and social protection Philanthropy and the new politics of social policy
~ Ayşe Buğra
Charity, philanthropy and development in Colombo, Sri Lanka
~ Filippo Osella, Roderick Stirrat and Tom Widger
Philanthropists, civil society and international development
~ Rachel Hayman
Social justice, liberalism and philanthropy: the tensions and limitations of British foundations
~ Balihar Sanghera and Kate Bradley
Charity deserts and social justice: exploring variations in the distribution of charitable organisations and their resources in England
~ John Mohan