Having read Michael Edward's “Just Another Emperor? The Myths and Realities of Philanthrocapitalism” earlier this year, I thought I would balance the perspective with a read of Matthew Bishop/Michael Green's “Philanthrocapitalism: How the Rich Can Save the World”. If you’re looking for a book club discussion, this is definitely a good pair.
Two chapters into Philanthrocapitalism, we are greeted by the notion we are now enjoying the Fifth Golden Age of philanthropy – great amounts of wealth being put to use against global inequities by business folks who know how to achieve results. What was remarkable to notice, on page 28 of 298, was that the financial and political situations have changed/are changing in such way that this “new” Golden Age may already be on its way out.
Bishop writes, “Each of the past philanthropic golden ages ended with the state ratcheting up its role in society, crowding out some the philanthropists. In part, it is the recent attempt in many countries to roll back the borders of the state through privatization, deregulation, tax cutting, and attrition that has made space for the philanthrocapitalists of the fifth golden age.” If these actions helped to create a new Golden Age, what are we to make of the recent financial bailouts, government buying stock in banks, moves to re-nationalize public service and upcoming tax increases for the wealthy? If Golden Ages are relatively short and fleeting moments in time – is the newest on its way out? And then what?
Recent market conditions and political actions show how quickly the world can change. The Chronicle of Philanthropy published this article by Jeff Trexler musing on the same topic. With so much hype over the past few years regarding philanthrocapitalism and its cousins, have we just been perpetuating a short-lived fad or will we take some useful nuggets away from this Golden Age?
