Philanthropy's role in creating a more just society is questioned, particularly as foundation assets have surged while inequality has worsened. Overreliance on philanthropy can be harmful, as noted by commentators who warn that charitable solutions often legitimize structural inequalities. The privatization of public goods is a major risk when foundations fill gaps left by government funding cuts. Recognizing the complexities of charity and its unintended consequences is crucial to addressing systemic issues rather than merely providing band-aid solutions.
In 1979, total US foundation assets were $34.7 billion, but today, total foundation assets are nearly $1.6 trillion—a tenfold increase. Yet inequality has worsened.
Philanthropic solutions to systemic problems often legitimize the very systems that create those problems in the first place.
Foundations risk legitimizing the privatization of public goods when they step in to fill gaps created by government retrenchment.
The present safety-net infrastructure is being kept together with the institutional equivalent of duct tape.
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