Geoff Mulgan: Unequal Philanthropy
on Friday, April 2, 2021Geoff Mulgan Money Quote saying some extra wealthy folks have decided that they would rather not die before giving away their fortune. Geoff Mulgan said:
“It’s an irony that growing inequality could mean more money for philanthropy. In the US, quite a few of the ultra-rich have taken to heart the 19th century industrialist and philanthropist Andrew Carnegie’s comment that it’s a disgrace to die wealthy” — Geoff Mulgan
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In this quote, social innovator Geoff Mulgan is acknowledging an ironic consequence of rising inequality. While growing wealth gaps are problematic, he suggests they may paradoxically lead to more philanthropic giving if the very wealthy take to heart Andrew Carnegie’s view that accumulating vast fortunes one does not distribute in life brings dishonor.
Mulgan implies rising inequality could generate increased charitable donations from billionaires seeking to justify their fortunes or leave positive legacies. Overall, the quote conveys that while inequality itself is troubling, it may perversely motivate more funding for social causes from those at the top who internalize a duty to spread opportunity through donations akin to Carnegie’s model of using wealth for public good.