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.
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