May 13, 2008 | Read Time: 1 minute
The Wall Street Journal’s Wealth Report has an interview with Michael Edwards, director of society and civil governance with the Ford Foundation, on his new book, Just Another Emperor: The Myths and Realities of Philanthrocapitalism.
Mr. Edwards is critical of the application of business principles to philanthropy, saying that there’s no evidence that it leads to deeper, longer-lasting solutions to social problems.
In the interview, Robert Frank, of the Wealth Report, asks, “So how should today’s philanthrocapitalists change what they’re doing?”
Mr. Edwards responds: “Three things. First: Stop, look, listen and learn. Second: Be very clear about where the market and technology can bring social results. And third: Work with others, rather than doing everything yourself.”
Readers of Mr. Frank’s post offer numerous criticisms of Mr. Edwards’ argument. His statement that the pursuit of vaccines and new technologies and other approaches emphasized by so-called philanthrocapitalists “don’t address deeper issues like racism, discrimination, endemic poverty and things that can’t be solved in the market” draws fire from one reader:
He says: “Sure it can. All of these problems really comes down to is poverty: Racism and discrimination happen with a lack of education, which is caused by poverty. But poverty is easily fixed with things like microloans, infrastructure development, job-providing factories, and their like. All profitable, market-based solutions. In fact, old-fashioned charity—such as simple food aid—has been found to significantly increase and prolong poverty by outcompeting with easy “entry-level” jobs (i.e., farming).”
Write poster, Dave, :“The real danger is that successful business people leave their money to be spent by professional philanthropists who draw six-figure salaries while whining about the wealthy.”
Read an excerpt from Mr. Edwards’ book in The Chronicle.
What do you think?
