“Labour, capital, and ability are a three-legged stool... They are equal members of the great triple alliance which moves the industrial world,” said famous philanthropist Andrew Carnegie, who was the wealthiest man in the world at the beginning of the 20th century.
He established the Carnegie Corporation of New York in 1911 dedicated to the principles of ‘scientific philanthropy’, but now his do-gooding baton has been passed to other billionaire entrepreneurs who might agree with Carnegie’s notion that “the man who dies thus rich dies disgraced”. This new generation includes Amazon founder Jeff Bezos, who recently announced he will give away most of his $124bn fortune to help causes including fighting the climate crisis, and Microsoft founder Bill Gates, who established the Bill & Melinda Gates Foundation to tackle inequalities.
The notion of philanthropy – a form of altruism that consists of private initiatives, for the public good – can stir up...