Bill Gates and George Soros are handing out billions, but there are downsides to foundation giving:
The new focus on metrics has brought with it a new breed of nonprofit and for-profit partnerships. Foundations such as the Omidyar Network, established in 2004 by eBay’s founder, Pierre Omidyar, provide both investments in for-profit companies and charitable grants.
This approach is called by various names such as ‘social entrepreneurship,’ ‘venture philanthropy,’ and ‘philanthrocapitalism,’ but it all amounts to rather the same thing: controlling charitable giving in order to produce measurable, ‘sustaining’ and/or profitable results.
‘Philanthrocapitalism’ is an especially curious coinage, giving rise to a hitherto unarticulated contrast—namely, with the kind of capitalism that is not-philanthro-.
“Our Billionaire Philanthropists.” — Maria Bustillos, The Awl
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