Why Philanthropy Matters: How the Wealthy Give, and What It Means for Our Economic Well-Being - Hardcover

Acs, Zoltan

Hardcover

ISBN 10: 0691148627 ISBN 13: 9780691148625

Publisher: Princeton University Press, 2013

Synopsis

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.

About this title

From the Back Cover:

"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

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.

About this edition

• Publisher: Princeton University Press
• Publication date: 2013
• ISBN 10: 0691148627
• ISBN 13: 9780691148625
• Binding: Hardcover
• Number of pages: 272