The Legitimacy of Philanthropic Foundations: United States and European Perspectives

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Summary of The Legitimacy of Philanthropic Foundations: United States and European Perspectives

The Legitimacy of Philanthropic Foundations looks at foundations in the United States and Europe to examine their relationship to the state, the market, and civil society. Peter Frumkin argues that unlike elected officials, who must often avoid topics that could spark political opposition, and corporate officers, who must meet bottom-line priorities, foundations can independently tackle sensitive issues of public importance. Kenneth Prewitt argues that foundations embody elements of classical liberalism, such as individual autonomy and limited government interference in private matters and achieve legitimacy by putting private wealth to work for the public good. Others argue that foundations achieve legitimacy by redistributing wealth from the pockets of rich philanthropists to the poor. But Julian Wolpert finds that foundations do not redistribute money directly to the poor as much as many people believe. Instead, many foundations focus their efforts on education, health, and scientific research, making investments that benefit society in the long-term, and focusing on farsighted approaches that a myopic electorate would not have patience to permit its government to address.

Originating from private fortunes but working for the public good, independently managed but subject to legal prescriptions, philanthropic foundations occupy a unique space somewhere between the public and private sectors. The Legitimacy of Philanthropic Foundations places foundations in a broad social and historical context, improving our understanding of one of society's most influential--and least understood--organizational forms.

General Books

• Business & Investing
• Industries & Professions > Nonprofit Organizations & Charities
• Nonfiction > Social Sciences > Philanthropy & Charity