Paul Vallely


Chapter 9 – 12

Source Notes

Notes Chapter 9 – 12

Philanthropy – from Aristotle to Zuckerberg

Sources are credited in full on their first mention, with hyperlinks where available. Thereafter only an abbreviated source line is given.

 Chapter 9

Chapter 10

Chapter 11

Chapter 12

Chapter 9:

Survival of the Fattest

(pages 334–374)

  1. Mark Twain and Charles Dudley Warner, The Gilded Age: A Tale of Today, San Francisco, CA, 1873.
  2. Andrew Carnegie in a letter to his Uncle Lauder, The Andrew Carnegie Story (1835–1919), Carnegie Birthplace Museum, Dunfermline.
  3. Eric Foner, Give me Liberty, New York, 201, p. 605.
  4. Laura Bufano Edge, Andrew Carnegie: Industrial Philanthropist, Minnesota, MN, 2004, p. 14.
  5. Foner, Give me Liberty, p. 609.
  6. David Nasaw, Andrew Carnegie, New York, 2006, pp. 154–6.
  7. John Kampfner, The Rich, London, 2014, pp. 225–6.
  8. Matthew Josephson, The Robber Barons, New York, 1934, p. v.
  9. Rob Bear, ‘Looking back at Manhattan’s lost Gilded Age mansions’, Curbed, New York, 9 February 2012.
  10. Matthew Josephson, The Robber Barons, p. 331.
  11. ibid, pp. 339–40. The phrase “conspicuous consumption” orginates in Thorston Veblen, The Theory of the Leisure Class, 1899, pp. 34–47.
  12. Herbert Spencer, Synthetic Philosophy. Vol II: Principles of Biology, London, 1864, vol. I, p. 444. Darwin adopted the phrase “survival of the fittest” in the fifth edition of On the Origin of Species in 1869.
  13. Herbert Spencer, Social Statics: or The Conditions Essential to Happiness Specified and the First of them Developed, London, 1851, Part III, ch. XXVIII, 4.
  14. Andrew Carnegie, The Autobiography of Andrew Carnegie and the Gospel of Wealth, New York, 1920, p. 249.
  15. Quoted in Kampfner, The Rich, p. 233.
  16. Richard Hofstadter, ‘The pervasive influence of Social Darwinism’, in Thomas P. Brewer, The Robber Barons: Saints or Sinners?, New York, 1970, p.37.
  17. Herbert Spencer, The Popular Science Monitor, December 1882, p. 273. And Barry Werth, Banquet at Delmonico’s: The Gilded Age and the Triumph of Evolution in America, Chicago, IL, 2009 p. xxv.
  18. Harold C. Livesay, Andrew Carnegie and the Rise of Big Business, New York, 2006, p. 139.
  19. Originally published as ‘Wealth’, North American Review, 148, issue 391, June 1889, pp. 653–65. An English critic, horrified by the brutality of Carnegie’s ideas, dubbed it the Gospel of Wealth in contrast to the Gospel of Christianity. Carnegie brazenly adopted the term and retitled it The Gospel of Wealth, New York, 1901.
  20. The quotes in this section are taken from Autobiography of Andrew Carnegie, pp. 277–87.
  21. Nasaw, Andrew Carnegie, p. 352.
  22. William Jewett Tucker, ‘The Gospel of Wealth’, Andover Review, XV, 1891, pp. 631–45.
  23. Andrew Carnegie, ‘Memo to self’, St Nicholas Hotel, New York, 31 December 1868.
  24. John Cairney, The Tycoon and the Bard: Andrew Carnegie and Robert Burns, Edinburgh, 2016, pp. 73–5.
  25. Livesay, Andrew Carnegie, p. 122.
  26. Carnegie, Autobiography, p. 35.
  27. ibid, p. 34.
  28. Research of Ian Hammond Brown, author of The Star-Spangled Scotchman.
  29. Hugh Cunningham, A History of Western Philanthropy, CGAP paper, London, 2013, p. 18.
  30. Andrew Carnegie, ‘An employer’s view of the labor question’, Forum, April 1886.
  31. Kampfner, The Rich, p. 230.
  32. Livesay, Andrew Carnegie, p. 154.
  33. Nasaw, Andrew Carnegie, p. 428.
  34. Paul Krause, The Battle for Homestead, 1880–92: Politics, Culture, and Steel, Pittsburgh, PA, 1992, pp. 309–12.
  35. Nasaw, Andrew Carnegie, pp. 428–9.
  36. Krause, The Battle for Homestead, pp. 337–8.
  37. Quentin Skrabec, The Carnegie Boys: The Lieutenants of Andrew Carnegie that Changed America, Jefferson, NC, 2012, p. 87.
  38. S. Eisenstadt, Carnegie’s Model Republic: Triumphant Democracy and the British-American Relationship, New York, 2007, p. 172.
  39. Paul Krause, ‘Patronage and philanthropy in industrial America: Andrew Carnegie and the Free Library in Braddock, Pennsylvania’, Western Pennsylvania Historical Magazine, 71, April 1988, pp. 142–3.
  40. The first cartoon is in the Saturday Globe, Utica, New York, 9 July 1892. The second cartoon is in The World, 1 July 1892, reproduced in David Demarest, The River Ran Red: Homestead 1892, Pittsburgh, PA, 1992, p. 46.
  41. St Louis Post-Dispatch, August 1892.
  42. Financial Observer, London, 16 July 1892.
  43. Richard Ernsberger Jr, ‘Andrew Carnegie: Robber Baron turned Robin Hood?’, American History Magazine, 49, February 2015, pp. 33–41.
  44. Nasaw, Andrew Carnegie, p. 436.
  45. William S. Dietrich, Eminent Pittsburghers: Profiles of the City’s Founding Industrialists, Lanham, MD, 2001, p. 32.
  46. Nasaw, Andrew Carnegie, p. 450.
  47. Livesay, Andrew Carnegie, pp. 195–9.
  48. ‘A word to grand stand specialists’, Puck, 3 June 1903, quoted in Rhodri Davies, Public Good by Private Means: How Philanthropy Shapes Britain, Charities Aid Foundation, London, 2015, p. 120.
  49. ‘A Christmas reminder’, Puck, 18 December 1901, quoted in ibid, p. 181.
  50. Robert H. Bremner, American Philanthropy, Chicago, IL, 1988, p. 107.
  51. Rick Cohen, ‘The Challenge of Maintaining Andrew Carnegie’s Library Legacy’, Nonprofit Quarterly, July 2013.
  52. Carnegie, Autobiography, p. 232.
  53. Andrew Carnegie, ‘The best use of wealth’, 1895, Miscellaneous Writings of Andrew Carnegie, Vol. II, New York, p. 209.
  54. Andrew Carnegie Birthplace Trust, Dunfermline.
  55. Rick Cohen, Nonprofit Quarterly, July 2013.
  56. Andrew Carnegie, Rectoral Address delivered to the Students in the University of St Andrews, 17 October 1905.
  57. Benedict Nightingale, Charities, London 1973, p. 111.
  58. Sarah Flew, Unveiling the anonymous philanthropist: charity in the nineteenth century, Journal of Victorian Culture, 20, 2015, pp. 20–33.
  59. Interview with the author, 2016.
  60. Carnegie, Gospel of Wealth, p. 287.
  61. Chris Waters, British Socialists and the Politics of Popular Culture, 1884–1914, London, 1990.
  62. Michael Gousmett, ‘The Pemsel Case Foundation’, Pemsel Foundation, Alberta, 2009.
  63. James Moore, ‘The artof philanthropy? The formation and development of the Walker Art Gallery in Liverpool’, Museum and Society, July 2004, pp. 72–3.
  64. ibid, 68.
  65. ibid, p. 79.
  66. ibid, p. 74.
  67. ibid, p. 70.
  68. ibid, p. 75.
  69. B. H. Grindley, Exhibitions of Pictures and Municipal Management, Liverpool, 1875, p. 5.
  70. Rhodri Davies, Public Good by Private Means: How Philanthropy Shapes Britain, Charities Aid Foundation, London, 2015, p. 290.
  71. Bremner, American Philanthropy, p. 111.
  72. Eric John Abrahamson, Beyond Charity: A Century of Philanthropic Innovation, Rockefeller Foundation, 2013, p. 36.
  73. Ron Chernow, Titan: The Life of John D. Rockefeller, Sr, New York, 2004, p.563.
  74. ibid, p. 59.
  75. 1913 dollars in 2020, US Inflation Calculator, 10 February 2020.
  76. Bremner, American Philanthropy, p. 107.
  77. Quoted in John Ensor Harr and Peter J. Johnson, The Rockefeller Century, New York, 1988, p. 146.
  78. Rob Reich, Just Giving: Why Philanthropy is Failing Democracy and How it Can Do Better, Princeton, PA, 2018, p. 3.
  79. G. K. Chesterton, ‘Gifts of the millionaire’, Otautau Standard and Wallace County Chronicle, V, 220, New Zealand, 20 July 1909.
  80. Harold Howland, The Essential Theodore Roosevelt: Great Speeches and Writings of America’s Most Dynamic President, New Haven, CT, and London, 1921.
  81. Reich, Just Giving, pp. 4–5.
  82. Immanuel Kant, The Metaphysics of Morals, in The Works of Immanuel Kant, ed. Allen Wood, trans. Mary Gregor, Cambridge, 1996, p. 573.
  83. Reich, Just Giving, p. 112.
  84. Barry D. Karl and Stanley N. Katz, ‘Foundations and ruling class elites’, Daedalus, 116, 1, Philanthropy, Patronage, Politics, Winter, 1987, pp. 1–40.
  85. Sheila Slaughter and Edward Silva, ‘Looking backwards: how foundations formulated ideology in the progressive period’, in Philanthropy and Cultural Imperialism: The Foundations at Home and Abroad, ed. Robert Arnove, Boston, MA, 1980, p. 57.
  86. Frances Stonor Saunders, The Cultural Cold War: The CIA and the World of Arts and Letters, New York, 2013, p. 116. ‘The system of private patronage was the pre-eminent model of how small, homogenous groups came to defend America’s – and, by definition, their own – interests. Serving at the top of the pile was every self-respecting WASP’s ambition. The prize was a trusteeship on either the Ford Foundation or the Rockefeller Foundation, both of which were conscious instruments of covert US policy, with directors and officers who were closely connected to, or even members of, American intelligence.’
  87. Anne Robert Turgot, ‘Fondation’, Encyclopedie ou dictionnaire raisonné des sciences et des arts, 33 vols, Paris, 1751–77, VII, pp. 72–6, quoted in Jack A. Clarke, ‘Turgot’s critique of perpetual endowments’, French Historical Studies, 3, 4, Autumn 1964, Durham NC, pp. 495–506.
  88. Anne Robert Turgot, Oeuvres de Turgot et documents le concernant, 5 vols, Paris, 1913–23, quoted in Clarke, ‘Turgot’s critique’.
  89. John Stuart Mill, ‘Endowments’, Fortnightly Review, 1 April 1869.
  90. Abrahamson, Beyond Charity, pp. 102–3.
  91. Carnegie Corporation of New York.
  92. ibid.
  93. Abrahamson, Beyond Charity, p. 104.
  94. ibid, p. 69.
  95. ibid, p. 47.
  96. Carnegie Corporation of New York; The Cambridge History of American Literature: Vol. 3, Prose Writing, 1860–1920, ed. Cyrus R. K. Patell, Cambridge, 2005, p. 702. Inflation correction: 1913 dollars in 2020, US Inflation Calculator, 2 April 2020.
  97. Melinda Gates, The Moment of Lift: How Empowering Women Changes the World, New York, 2019.
  98. Joel L. Fleishman, Michael E. Porter and Mark Kramer, cited in Matthew Bishop and Michael Green, Philanthrocapitalism: How the Rich Can Save the World and Why We Should Let Them, London, 2008, pp. 155–9.

The interview with Rajiv Shah was conducted on 22 November 2019



Chapter 10:

Cradle to Grave –

Philanthropy and the Welfare State

(pages 375–413)

  1. Oscar Wilde, The Soul of Man under Socialism, 1891, New York, 2018, p. 2.
  2. Karl Marx and Friedrich Engels, The Communist Manifesto, London, 1848.
  3. Beatrice Webb, Minority Report to the Royal Commission on the Poor Laws and Relief of Distress 1905–09. Also Sidney and Beatrice Webb, English Poor Law History, vol. I, London, 1927.
  4. A. J. Balfour, speech in Manchester, 16 January 1895.
  5. Gertrude Himmelfarb, Poverty and Compassion: The Moral Imagination of the Late Victorians, New York, 1992, pp. 309–13.
  6. Margaret Brasnett, Voluntary Social Action, London, 1969, p. 2.
  7. Westminster Review, 1891, quoted in Frank Prochaska, The Voluntary Impulse: Philanthropy in Modern Britain, London, 1988, p. 69.
  8. Founder’s Memorandum, Joseph Rowntree Charitable Trust, York, 1904
  9. William Booth, In Darkest England and the Way Out, 1890, Cambridge, 2014, p. 73.
  10. Westminster Review, 1891, quoted in Frank Prochaska, The Voluntary Impulse: Philanthropy in Modern Britain, London, 1988, p. 69.
  11. Walter Bagehot, Collected Works, vol. 7, London, 1974, p. 124.
  12. Cunningham,’ Philanthropy and its critics’, pp. 21–2.
  13. Beth Breeze, ‘Understanding philanthropy: time for a new research agenda’, Kent magazine, September 2008, p. 8.
  14. Frank Prochaska, Women and Philanthropy in Nineteenth-Century England, Oxford, 1980, p. viii.
  15. Prochaska, The Voluntary Impulse, p. 29.
  16. ibid, pp. 27-30, 33, 42
  17. ibid pp. 55–6.
  18. Charles Booth, Family Budgets: Being the Income and Expenses of Twenty-Eight British Households, 1891–1894, London, 1896, p. 75.
  19. Friedrich Engels, The Condition of the Working Class in England, quoted in Frank Prochaska, Christianity and Social Service in Modern Britain: The Disinherited Spirit, Oxford, 2006, p. 22.
  20. William Conybeare, Charity of Poor to Poor, London, 1908, p. 6.
  21. David Owen, English Philanthropy, 1660 to 1960, Cambridge, MA, 1964, p.525.
  22. Pat Thane, ‘There has always been a “big society’’’, History Workshop Journal, 30 April 2011.
  23. Chris Cook, A Short History of the Liberal Party: The Road Back to Power, London, 1976, p. 45.
  24. Thane, ‘There has always been a “big society’’’.
  25. Prochaska, The Voluntary Impulse, p. 79.
  26. Pat Thane, ‘Unmarried motherhood in twentieth-century England’, Women’s History Review, 20:1, 2011, pp. 11–29.
  27. Elizabeth Macadam, The New Philanthropy: A Study of the Relations Between the Statutory and Voluntary Social Services, London, 1934; Owen, English Philanthropy, p. 529; Prochaska, The Voluntary Impulse, p. 80.
  28. Brian Harrison, Peaceable Kingdom: Stability and Change in Modern Britain, Oxford, 1982, 247. UNNUMBERED NOTE:

UNUMBERED NOTE:  Aneurin Bevans’s speech on page 382 can be found in Hansard, Vol 422, 30 April 1946.

  1. Prochaska, The Voluntary Impulse, p. 82.
  2. S. M. Ferguson and H. Fitzgerald, ‘History of the Second World War’, Studies in the Social Services, London, 1954, pp/ 74-141.
  3. Prochaska, The Voluntary Impulse, p. 82.
  4. In 2008, 28 per cent of VSO volunteers were aged 50 or above, compared with 3 per cent twenty years before, after the realization that people in poorer countries need nurses, doctors, teachers, engineers, water specialists, IT experts and business trainers with skills and experience that young graduates mostly lack. Thane, ‘There has always been a “big society’’’.
  5. Women’s Royal Voluntary Service, Gold Age Pensioners Report, Cardiff, 2011.
  6. Time Well Spent, YouGov poll for the National Council for Voluntary Organisations, January 2019.
  7. Frank Prochaska, The Church of England and the Collapse of Christian Charity, Social Affairs Unit, London, 2004
  8. William Temple, Citizen and Churchman, London, 1941, pp. 35–6.
  9. Sir William Beveridge, Social Insurance and Allied Services, HM Stationery Office, London, 1942.
  10. Jose Harris, ‘Voluntarism, the state and public-private partnerships in Beveridge’s social thought’, in Beveridge and Voluntary Action in Britain and the Wider British World, M. Oppenheimer and N. Deakin, Manchester, 2011, pp. 9–20.
  11. The Lambeth Conference 1948, pt. 1, p. 32.
  12. Thane, ‘There has always been a “big society’’’.
  13. Asa Briggs and Anne McCartney, Toynbee Hall – The First Hundred Years, London, 1984, pp. 35–6.
  14. William Beveridge, Voluntary Action, London, 1948, p. 10.
  15. Hansard, debate on Voluntary Action for Social Progress, House of Lords, 22 June 1949, 163, cc 75–136.
  16. Aneurin Bevan, In Place of Fear, London, 1952, p. 79.
  17. Prochaska, The Voluntary Impulse, p. 85.
  18. André Sapir, ‘Globalization and the reform of European social models’, Journal of Common Market Studies 44:2, 2006, pp. 369–90.
  19. See Martin Wolf, ‘Economics: when will all the models parade their charms?’, Financial Times, 26 January 2006.
  20. Lilya Wagner, Diversity and Philanthropy: Expanding the Circle of Giving, Santa Barbara, CA, 2016, p. 138.
  21. Lo stato sociale: Ecco i dieci fronti dell’Italia che diventa egoista’, Avvenire, 27 April 2019.
  22. Stefano Zamagni, interviewed by Diego Motta, ‘Zamagni: “Il Terzo settore è sotto attacco, un conflitto mai visto”’, Avvenire, 27 April 2019.
  23. Coutts, Million Dollar Donors Report 2016, London, 2016.
  24. The London School of Economics defines a civil society organization as including charities, trusts, foundations, advocacy groups, non-governmental organizations (NGOs), and national and international non-state associations.
  25. Coutts, Million Dollar Donors Report 2016.
  26. ibid.
  27. R. A. B. Butler, The Art of the Possible, London, 1971, pp. 133–4.
  28. W. H. Greenleaf, The British Political Tradition, London, 1983, p. 199.
  29. Margaret Thatcher, ‘The new renaissance’, speech to the Zurich Economic Society, 14 March 1977
  30. Margaret Thatcher. ‘Facing the new challenge’, Speech to Women’s Royal Voluntary Service National Conference, 19 January
  31. Frank Prochaska, Mrs Thatcher, the Voluntary Sector and Victorian Values, Institute of Economic Affairs, London,
  32. The Independent, 7 November 1989
  33. Prochaska, Mrs Thatcher.
  34. John Plummer, How are Charities Accountable?, London, 1997, p. 16.
  35. Prochaska, Mrs Thatcher.
  36. Luke FitzHerbert, Charity and the National Health: A Report on the Extent and Potential of Charitable Funds within the NHS, London, 1989, pp. 6–7.
  37. Simon Jenkins, Accountable to None: The Tory Nationalisation of Britain, London, 1996, p. 268.
  38. Prochaska, Mrs Thatcher.
  39. Gordon Brown, article for The Times, 3 May 1988.
  40. Tony Blair, ‘New politics for the new century’, The Independent, 21 September 1998.
  41. Gordon Brown, The Times, 11 January 2001, quoted in Frank Prochaska, New Labour and the Voluntary Sector, Institute of Economic Affairs, London,
  42. Prochaska, New Labour and the Voluntary Sector.
  43. Conservative-Liberal Democrat coalition Big Society launch document, May 2010.
  44. Glen O’Hara, The ‘Big Society’ and the Challenges of History, Oxford, 2011.
  45. Thane, ‘There has always been a “big society’’’.
  46. Frank Prochaska, Philanthropy and the Hospitals of London: The King’s Fund, 1897–1990, Oxford, 1992, 174.
  47. Independence Under Threat: The Voluntary Sector in 2013, Baring Foundation, London, 2013, p. 10.
  48. Independence Undervalued: The Voluntary Sector in 2014, Baring Foundation, London, 2014, p. 25.
  49. ibid, citing NVCO Civil Society Almanac, 2012.
  50. Prochaska, Mrs Thatcher.
  51. Christopher Hope, ‘30 charity chiefs paid more than £100,000’, Daily Telegraph, 6 August 2013.
  52. ‘Brooks Newmark: charities should stick to their knitting and keep out of politics’, Civil Society, 3 September 2014
  53. Gagging clauses in public service contracts’, Third Sector, 1 April 2014.
  54. Charities urge David Cameron to reconsider anti-campaigning clause in charity grants’, Third Sector, 11 February 2016.
  55. Experts testing cladding after Grenfell banned from criticising Theresa May under “gagging clauses”’, The Times, 6 November 2018.
  56. Theresa May, Letter to Sir Stuart Etherington, 3 December 2008.
  57. The Times, 6 November 2018
  58. Francis Gladstone, Voluntary Action in a Changing World, London, 1979, p. 18.
  59. Prochaska, ‘Is the Big Society collectivism in disguise?, Voluntary Action History Society, 19 March 2012; Jeremy Kendall, The Voluntary Sector: Comparative perspectives in the UK, London, 2003, p. 25. Kendall estimated the figure as 45 per cent at the beginning of the twenty-first century.
  60. J. Kendall, J. Mohan, N. Brookes and Y. Yoon, ‘The English voluntary sector: how volunteering and policy climate perceptions matter’, Journal of Social Policy, October 2018.
  61. Christopher Snowden, ‘Sock puppets: how the government lobbies itself and why’, Institute of Economic Affairs, London, 2012.
  62. Frank Prochaska, ‘The collapse of institutional democracy in Britain’, Social Affairs Unit, London, 2005
  63. John Stuart Mill, Principles of Political Economy, 1848, ed. Stephen Nathanson, Indianapolis, IN, 2004, pp. 284–5.
  64. Brian Harrison, Peaceable Kingdom: Stability and Change in Modern Britain, Oxford, 1982, p. 258.
  65. Frank Prochaska, Women and Philanthropy in Nineteenth-Century England, Oxford, 1980, ch. 1.
  66. Elizabeth Barrett Browning, Aurora Leigh, London, 1864, bk. 2, ll. 215–20.
  67. Prochaska, The Voluntary Impulse, p. 74.
  68. Harrison, Peaceable Kingdom, p. 259.
  69. Pope Leo XIII, Rerum Novarum, Vatican, 1891, §2.
  70. Michael Walsh, ‘Laying the foundations: from Rerum Novarum to the Second Vatican Council’, The New Politics – Catholic Social Teaching for the 21st Century, ed. Paul Vallely, London, 1988, p. 29.
  71. Francis Hutcheson, An Inquiry into the Original of our Ideas of Beauty and Virtue, 1725, vol. II, 3.8.
  72. Second Vatican Council, Gaudium et Spes, Vatican, 1965, §26.
  73. Pope John Paul II, Sollicitudo Rei Socialis, Vatican, 1987, §38.
  74. Clifford Longley, Just Money: How Catholic Social Teaching Can Redeem Capitalism, London, 2014, p. 38.
  75. Pope Pius XI, Quadragesimo Anno, Vatican, 1931, §79.
  76. ibid.
  77. Pope John Paul II, Apostolic Exhortation Ecclesia in America, Vatican, 1999, §56.
  78. Paul Vallely, ‘Catholic social teaching in a pluralist society’, The New Politics, pp. 163–4.
  79. Jesse Norman, Edmund Burke: The Visionary Who Invented Modern Politics, London, 2013, p. 199.
  80. Obituary of Cicely Saunders, Daily Telegraph, 15 July 2005.
  81. Obituary – Dame Cicely Saunders, Church Times, 2 November 2006.
  82. ibid.
  83. Hospice UK Also ‘Hospices care for 200,000 people a year, but they’re powered by voluntary effort’, Guardian, 8 October 2018.

The interview with Ian Linden was conducted on 11 November 2019



Chapter 11:

The Staggering Success of Philanthrocapitalism  

(pages 414–453)

  1. Helen Pidd, ‘How philanthropy breathed new life into a forgotten Salford suburb’, Guardian, 4 July 2018, from which Neil McArthur’s quotes are taken. Also BBC News, ‘TalkTalk’s Neil McArthur spends millions on Irlam’, 4 August 2018.
  2. Evaluating the Impact of the Hamilton Davies Trust in Irlam and Cadishead, Manchester’s Commission for the New Economy, Manchester, 2014.
  3. An Economy for the 99%, Oxfam, Oxford, 2017. Oxfam calculations using the wealth of the richest individuals from Forbes Billionaires listing and the wealth of the bottom 50 per cent from Credit Suisse Global Wealth Databook 2016.
  4. HM Revenue & Customs, quoted in Alice Ross, ‘Wealthy move to tackle pitiful state of UK philanthropy’, Financial Times, 15 February 2019.
  5. ibid.
  6. ibid.
  7. ibid.
  8. Georgina Ferry, A Better World is Possible: The Gatsby Charitable Foundation and Social Progress, London, 2017, p. 3. quoting the Coutts Million Dollar Donors report 2015.
  9. Matthew Bishop and Michael Green, Philanthrocapitalism: How the Rich Can Save the World and Why We Should Let Them, London, 2008.
  10. Ferry, A Better World is Possible, p. xv.
  11. Scott Fitzgerald, The Great Gatsby, New York, 1925.
  12. Sunday Times Giving List 2019, Sunday Times, 12 May 2019.
  13. Ferry, A Better World is Possible, back cover.
  14. Charles Handy, The New Philanthropists, London, 2007. The paragraphs below draw on the book’s interviews.
  15. ibid, p. 100.
  16. ibid, p. 31.
  17. Richard Miller, ‘Beneficence, duty and distance’, Philosophy and Public Affairs 32, 2004, pp. 357–83.
  18. Bishop and Green, Philanthrocapitalism. They later changed the subtitle to Philanthrocapitalism: How Giving Can Save The World, London, 2010.
  19. Remarks of Bill Gates, Harvard Commencement 2007’, Harvard Gazette, 7 June 2007.
  20. Committee Encouraging Corporate Philanthropy, Giving in Numbers: 2006, New York, 2006, p. 16.
  21. The state of corporate philanthropy: a McKinsey Global Survey’, McKinsey Quarterly, January 2008, p. 3.
  22. Ben White, ‘Goldman in $100m drive to educate women’, Financial Times, 6 March 2008.
  23. Alison Smith, ‘Fortune 500 companies spend more than $15bn on corporate responsibility’, Financial Times, 12 October 2014.
  24. 2007 McKinsey Global Survey, quoted by Thomas W. Dunfee, ‘The unfulfilled promise of corporate philanthropy’, in Giving Well: The Ethics of Philanthropy, ed. Patricia Illingworth, Thomas Pogge and Leif Wenar, Oxford, 2011, p. 255.
  25. Milton Friedman, ‘The social responsibility of business is to increase its profits’, New York Times Magazine, 13 September 1970, pp. 32–3.
  26. M. E. Porter and M. R. Kramer, ‘Creating shared value’, Harvard Business Review, January 2011.
  27. Catherine Walker, The Company Giving Almanac, London, 2013, pp.18–19.
  28. Corporate-NGO Partnerships Barometer, C&E Advisory, 2018.
  29. Working Together for Fair and Sustainable Trade, annual report 2017–18, Fairtrade International, Bonn, 18 October 2018 – the last year for which figures are available. See also
  30. Bishop and Green, Philanthrocapitalism, 2010, p. 6.
  31. Susan Raymond, ‘A paradigm shift in philanthropy: the arc of innovation’, The Index of Global Philanthropy and Remittances 2012, Washington DC, 2012, pp. 9–10.
  32. Jon Henley, ‘The new philanthropists’, Guardian, 7 March 2012.
  33. Linsey McGoey, No Such Thing as a Free Gift: The Gates Foundation and the Price of Philanthropy, London, 2015, p. 7.
  34. Microsoft’s Gates says computers not cure-all’, Chicago Tribune, 25 February 2008.
  35. Bill Gates, ‘Mosquitos, malaria and education’, TED talk, 2 February 2009.
  36. The Philanthropy 50’, Chronicle of Philanthropy, 12 February 2019. Kelsey Piper, ‘Bill Gates is committed to giving away his fortune – but he keeps getting richer’, Vox, 23 April 2019; David Callahan, ‘The richest Americans are sitting on $4 trillion. How can they be spurred to give more of it away?’, Inside Philanthropy, December 2018.
  37. Simon Jenkins, ‘The welfare state is waning. Bring on the philanthropists’, Guardian, 28 June 2006.
  38. Matthew Bishop, ‘Philanthrocapitalism goes global’, Alliance magazine, London, September 2008.
  39. Peter Singer, ‘What should a billionaire give – and what should you?’, New York Times, 17 December 2006.
  40. Economist, ‘Leader of the swarm: Christopher Hohn, like his hedge fund, is powerful, feared – and generous’, 2 July 2007; Elena Moya, ‘Hedge fund manager Chris Hohn donates £500m to his wife’s charity’, Guardian, 5 July 2009.
  41. Economist, ‘Leader of the swarm’.
  42. Reuters, ‘Activist hedge fund TCI takes big stake in Royal Mail’, 22 October 2013. ‘New chancellor Rishi Sunak cashed in on fund that helped break banks’, Sunday Times, 16 February 2020.
  43. ibid.
  44. ‘TCI starts legal action against Indian govt under UK, Cyprus treaties’, Business Standard, Mumbai, 29 March 2012.
  45. Hedge fund revealed as largest shareholder in Royal Mail’, Investment Week, 23 October 2013.
  46. Daily Telegraph, ‘Hedge fund TCI is Royal Mail’s biggest shareholder’, 22 October 2013; ibid, ‘Hedge fund TCI cuts stake in Royal Mail’, 20 January 2014.
  47. Irish Times, ‘Hedge fund launches activist campaign against Volkswagen’, 6 May 2016.
  48. Financial Times,Activist investor TCI sets out plan for VW bonus structure’, 22 September 2016; ‘Billionaire Christopher Hohn says lavish bonuses contributed to Volkswagen’s emissions scandal’, Forbes, 6 May 2016.
  49. Financial Times, ‘Chris Hohn and investor group step up $1.6bn Indian battle’, 13 December 2018.
  50. Who we are’, Children’s Investment Fund Foundation website.
  51. Henley, ‘The new philanthropists’.
  52. Transcript of Prime Minister David Cameron’s Hunger Summit, 12 August 2012.
  53. Daily Telegraph, ‘Billionaire financier tells judge: ‘I don’t care about money’, 8 July 2014.
  54. Economist, ‘Leader of the Swarm’, 2 July 2007.
  55. Daily Mail, 13 December 2016.
  56. Financial Times, ‘Chris Hohn in record-breaking $530m divorce settlement – Hedge fund billionaire’s ex-wife wins largest award given by English court’, 27 November 2014.
  57. Approved Judgement, High Court of Justice, Family Division, Case No: FD12D01549, Royal Courts of Justice, London, 12 December 2014.
  58. Financial Times, ‘Investor Christopher Hohn’s annual pay falls to $274m – head of hedge fund TCI remains one of the UK’s highest-paid business people’, 9 December 2018.
  59. Economist, ‘Leader of the Swarm’, 2 July 2007.
  60. Financial Times, ‘Head of hedge fund TCI remains one of the UK’s highest-paid business people’, 9 December 2018. Its Master Fund Class H USD returned 19.44 per cent profit on a five-year annualized basis as at 31 March 2018.
  61. Chris Hohn: ‘Real time net worth, $3.1 billion’, Forbes, 12 August 2019. Laurence Fletcher, ‘Top hedge funds post biggest gains in at least a decade’, Financial Times, 20 January 2020.
  62. Children’s Investment Fund Foundation website, 19 March 2020. Also The Children’s Investment Fund Foundation, Appointment of Executive Director of Finance and Operations, Perrett Laver, July 2018.
  63. Sunday Times Giving List 2019, Sunday Times, 12 May 2019.
  64. Centre for Philanthropy, The King Baudouin Foundation website.
  65. G. Schervish ‘Major donors, major motives: the people and purposes behind major gifts’, New Directions for Philanthropic Fundraising, Summer 1997, pp. 85–112.
  66. Best philanthropy engagement award presented at the MPF Awards 2017 to Barclays’, Philanthropy Impact, 9 March 2017.
  67. Economist, ‘Virtue’s intermediaries’, 25 February 2006.
  68. Daily Telegraph, ‘Founder nets £124m from Lombard International sale’, 27 October 2004.
  69. Henley, ‘The new philanthropists’.
  70. Million Pound Donors Report, Coutts Institute, 2008.
  71. Sunday Times Giving List 2019, Sunday Times, 12 May 2019.
  72. Henley, ‘The new philanthropists’.
  73. Million Pound Donors Report, Coutts Institute, 2011.
  74. Million Pound Donors Report, Coutts Institute, 2017.
  75. ibid.
  76. Impetus-PEF website.
  77. Impetus website.
  78. Figures from Carmel McConnell, founder, Magic Breakfasts.
  79. Football Beyond Borders, Impetus website.
  80. Zein’s story and Salimah’s story are taken from the Access Project section of the Impetus website.
  81. ibid.
  82. Fisa’s story taken from the Resurgo section of the Impetus website.

The interview with Richard Branson was conducted on 10 January 2020



Chapter 12:

The Serious Shortcomings of Philanthrocapitalism

(pages 454–475)

  1. ‘Sesame Street becomes first TV show to be a Kennedy Center honoree’, CBS News, 15 December 2019.
  2. Garry W. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, Case Western Reserve Law Review, 61:3, 2011.
  3. Steven Schindler, ‘Case 34: Children’s Television Workshop and Sesame Street, Ford Foundation, Carnegie Corporation of New York, 1966’, in Joel L. Fleishman et al., Casebook for the Foundation: A Great American Secret, Mishawaka, IN, 2007, p. 101.
  4. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, p. 41.
  5. ibid, p. 39.
  6. Diana Lennard, ‘Creche course’, Guardian, 11 December 2002.
  7. Porticus statistics, May 2019.
  8. Chester Finn, ‘Bill Gates’ new education plan’, Forbes, 13 November 2008.
  9. Claudia Wallis, ‘Bill and Melinda Gates go back to school’, Fortune, 26 November 2008.
  10. Bloomberg Businessweek, ‘Bill Gates’ latest mission’, 17 July 2010.
  11. Kurt Eichenwald, ‘Microsoft’s lost decade’, Vanity Fair, August 2012.
  12. Bloomberg Businessweek, ‘Bill Gates’ latest mission’.
  13. Michael Klonsky, ‘Power philanthropy’, The Gates Foundation and the Future of US Public Schools, ed. P. E. Kovacs, New York, 2011, p. 26.
  14. Linsey McGoey, No Such Thing as a Free Gift: The Gates Foundation and the Price of Philanthropy, London, 2015, p. 135.
  15. ibid.
  16. Diane Ravitch, ‘Bill Gates and his silver bullet’, Forbes, 19 November 2008.
  17.  Diane Ravitch, The Death and Life of the Great American School System, New York, 2010, p. 211.
  18. Jason Riley, ‘Was the $5 billion worth it?’, Wall Street Journal, 23 July 2011.
  19. David Labaree, ‘Targeting Teachers’, Dissent, Summer 2010.
  20. McGoey, No Such Thing as a Free Gift, p. 140.
  21. ibid, p. 141.
  22. Jesse Rothstein, ‘Review of Learning about Teaching: initial findings from the Measures of Effective Teaching project’, National Education Policy Centre, Boulder, CO, 2011.
  23. Bloomberg Businessweek, ‘Bill Gates’ latest mission’.
  24. Kevin G. Welner, ‘Free-market think tanks and the marketing of education policy’, Dissent, Spring 2011.
  25. Valerie Strauss, ‘Gates foundation backs two-year delay in linking common core to teacher evaluation’, Washington Post, 10 June 2014.
  26. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, pp. 45, 46.
  27. ibid.
  28. Ravitch, The Death and Life, p. 211.
  29. McGoey, No Such Thing as a Free Gift, p. 145.
  30. Letter from Bill and Melinda Gates, 2008.
  31. Bill & Melinda Gates Foundation – no. 1’, CityAM, 17 December 2015.
  32. Bill & Melinda Gates, Annual Letter, 14 February 2017.
  33. Ravitch, The Death and Life, p. 211.
  34. Anthony Cody, A Teacher Challenges the Gates Foundation, YouTube video, 27 August 2015.
  35. Valerie Strauss, ‘An educator challenges the Gates Foundation’, Washington Post, 8 October 2010.
  36. Who We Are, Executive Leadership Team, Bill & Melinda Gates Foundation, 2019.
  37. Civil Society, ‘Who sits on the typical trustee board?’, 13 November 2017.
  38. Pablo Eisenberg, ‘Strategic philanthropy shifts too much power to donors’, Chronicle of Philanthropy, 3 November 2013.[1] Bradford K. Smith, president of the Foundation Center, Don’t Call Us, We’ll Call You, 4 March 2011.
  39. Bradford K. Smith, president of the Foundation Center, Don’t Call Us, We’ll Call You, 4 March 2011.
  40. Eisenberg, ‘Strategic philanthropy’.
  41. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, p. 49. A prominent advocate of ‘strategic philanthropy’, Hal Harvey who wrote its manifesto, Money Well Spent, with Paul Brest (see page 433), later resiled from the idea – see Hal Harvey, ‘Why I regret pushing Strategic Philanthropy’, Chronicle of Philanthropy, 9 February 2016.
  42. Matthew Bishop and Michael Green, Philanthrocapitalism: How the Rich Can Save the World and Why We Should Let Them, London, 2008, p. 12.
  43. Vassilisa Rubtsova, The Merits and Drawbacks of Philanthrocapitalism, Berkeley Economic Review, 14 March 2019.
  44. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, p. 59.
  45. Evaluating teachers by test scores is ‘now the policy of the U.S. Department of Education. We have never seen anything like this, where foundations had the ambition to direct national educational policy, and in fact are succeeding’. Diane Ravitch television interview: ‘Leading education scholar Diane Ravitch: no child left behind has left US schools with legacy of “institutionalized fraud’’’, Democracy Now, 5 March 2010.
  46. ibid.
  47. Jenkins, ‘Who’s afraid of philanthrocapitalism?’, p. 65.
  48. Steven Lawry, ‘Effective funding: how foundations can best support social innovators’, Stanford Social Innovation Review, Spring 2009.
  49. Joel L. Fleishman, Michael E. Porter and Mark Kramer are all cited as making this criticism in Bishop and Green, Philanthrocapitalism, pp. 155–9.
  50. Lawry, ‘Effective funding’.
  51. Michael Edwards, Small Change: Why Business Won’t Save The World, San Francisco, CA, 2010, p. 66.
  52. Michael Edwards, ‘Will “philanthrocapitalism” reduce global poverty?’, worldpoverty@manchester, April 2010.
  53. Michael Edwards, Just Another Emperor? The Myths and Realities of Philanthrocapitalism, London, 2008, p. 80.

The interview with Chris Oechsli was conducted on 7 November 2019

“Timely and fascinating,” PETER HENNESSY Attlee Professor of Contemporary British History, Queen Mary, University of London 

“The definitive book on philanthropy –  a deep and probing study of an increasingly powerful force in our world,” JOHN GRAY Emeritus Professor of European Thought, London School of Economics

“Good books lay out the lie of the land. Important books change it. This book does both... Paul Vallely insists that giving needs to restore its spiritual dimension whereby the giver respects the one who receives,” GILES FRASER priest and philosopher

“Magisterial ... the best single volume on the ideas that have shaped philanthropy ... stuffed with astonishing stories and illuminating interviews," ROB REICH Professor of Political Science at Stanford University.

Comprehensive and panoramic” BETH BREEZE Director of the Centre for Philanthropy, University of Kent

"Deeply researched and wonderfully written ...  a powerful call for philanthropy to do a better job of melding empathy with effectiveness" DAVID CALLAHAN, Editor of Inside Philanthropy