Sublime

In the United States, more and more of these services and systems have been underfunded publicly (by taxes), and so philanthropy has stepped in. These are two sides of the American historical coin: we underinvest in our shared public systems while we celebrate individual generosity. This places a burden on voluntary acts and giving that is both too

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Philanthropic foundations bias heavily towards granting large $ amounts exclusively to organizations (not individuals), meaning there are few existing avenues to fund promising people.

Private foundations have very few legal restrictions. They are required to donate at least 5 percent of their assets every year to public charities—referred to as “nonprofit” organizations. In exchange, the donors are granted deductions, enabling them to reduce their income taxes dramatically. This arrangement enables the wealthy to simultaneously

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I think of philanthropy as a type of idea marketplace for public goods, funded by private capital. Like all idea marketplaces – startups, media, philosophy – it’s inherently pluralistic. We don’t have a single government-funded media channel, for example, but instead get our news, entertainment, and ideas from a multitude of sources.