Philanthrocapitalism: after the goldrush
The application of business principles to the world of civil society and social change has fashion, wealth, power and celebrity behind it. But where is the evidence that "philanthrocapitalism" works, and are there better ways to achieve urgently needed global social progress? It's time to end the hype and start the debate, says Michael Edwards
(This article was first published on 19 March 2008)
It's indisputable that something genuinely important is stirring in the world of philanthropy - a movement to harness the power of business and the market to the goals of social change, what Matthew Bishop calls "philanthrocapitalism".
There is justifiable excitement about the possibilities for progress in global health, agriculture and access to micro-credit among the poor that have been stimulated by huge investments from the Bill & Melinda Gates Foundation, the Clinton Global Initiative and others. Philanthrocapitalism should certainly help to extend access to useful goods and services, and it has a positive role to play in strengthening important areas of civil-society capacity. These are surely good things, so why have I written a book -Just Another Emperor? The Myths and Realities of Philanthrocapitalism(Demos/Young Foundation, March 2008) - that challenges the increasing influence