Why Philanthropy Matters
How the Wealthy Give, and What It Means for Our Economic Well-Being
-
- $18.99
-
- $18.99
Publisher Description
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.
PUBLISHERS WEEKLY
While philanthropy is generally seen as a positive practice, few view it as a sustaining capitalistic force that drives the economy. Acs (Entrepreneurship, Geography, and American Economic Growth) seeks to change this in an informative and enlightening, though dense, look at philanthropy's many positive repercussions. The author views philanthropy as an equalizer that contributes to a more just society by helping those most in need. Expanding upon philanthropy's ability to create opportunity to "better society in the long run," he identifies four defining virtues of capitalism: opportunity, entrepreneurship and innovation, wealth creation, and philanthropy. He devotes chapters to each and assesses how America's track record with these traits compares with that of other major countries. He also explores how philanthropy strengthens capitalism by supporting new cycles of innovation and enterprise as well as offering a way for old wealth to be reinvested. Particularly refreshing is the epilogue, which advocates changing tax laws to create incentives that reward "investments that would benefit society." Economists will find this book helpful in crystallizing the long-term impact of philanthropy and the degree to which it influences the American economy.
