Ultra-Rich 'Philanthrocapitalist' Class Undermining Global Democracy: Report
As foundations and wealthy individuals funnel money into global development, what "solutions" are they pursuing?
From Warren Buffett to Bill Gates, it is no secret that the ultra-rich philanthropist class has an over-sized influence in shaping global politics and policies.
And a study (pdf) just out from the Global Policy Forum, an international watchdog group, makes the case that powerful philanthropic foundations—under the control of wealthy individuals—are actively undermining governments and inappropriately setting the agenda for international bodies like the United Nations.
The top 27 largest foundations together possess assets of over $360 billion, notes the study, authored by Jens Martens and Karolin Seitz. Nineteen of those foundations are based in the United States and, across the board, they are expanding their influence over the global south. And in so doing, they are undermining democracy and local sovereignty.
Notably, foundation spending on global development is skyrocketing, jumping from $3 billion per year over a decade ago to $10 billion today. The Bill and Melinda Gates Foundation leads the way, giving $2.6 billion in 2012, the report notes. In addition, the Gates Foundation is the largest non-state funder of the World Health Organization.
Meanwhile, many of the wealthiest people on the planet are individually jumping into the fray, with 137 billionaires from 14 countries last year pledging large sums to philanthropy. Some among them, like former New York Mayor Michael Bloomberg and Facebook CEOMark Zuckerberg, have been criticized for abusing their power and influence in pursuit of questionable policies.
"If these and more ultra rich fulfill their pledges, many billions of dollars will be made available for charitable purposes," the authors argue. "It must be noted, however, that the increase in philanthropic giving is just the other side of the coin of growing inequality between rich and poor."
As political scientist Gary Olson argued Friday in Common Dreams, "Just to be clear, some Big Philanthropists have done some good work. However, as Peter Buffet (Warren Buffet's son) has argued, philanthropy is largely about letting billionaires feel better about Ultra-Rich 'Philanthrocapitalist' Class Undermining Global Democracy: Report | Common Dreams | Breaking News & Views for the Progressive Community:
