“A peculiar irony sits at the heart of modern philanthropy: The richest generation in human history, commanding more wealth than the pharaohs, the Medicis, and the Carnegies combined, has proven surprisingly unwilling to convert that wealth into new, durable civic institutions.” – Sarah Cone
In a commentary for the Stanford Social Innovation Review, Sarah Cone argues that modern philanthropy has shifted away from building enduring institutions and toward low-friction donations to established organizations. Contrasting today’s billionaire donors with Gilded-Age philanthropists such as Andrew Carnegie and John D. Rockefeller, she contends that despite unprecedented private wealth, modern philanthropy is failing to create new institutions to address challenges in health care, housing, education, and civic discourse. Cone warns that prestige-driven and spend-down giving prioritizes short-term results, leaving society without a civic infrastructure built to address the unseen needs of the future.
