In June 2015, about 200 billionaires, outstanding philanthropists and social entrepreneur-game changers convened in New York for the annual Forbes 400 Summit on Philanthropy. The high spot of the event was the presentation of lifetime accomplishment awards to Bill and Melinda Gates, and Paul Farmer, cofounder of Partners in Health. The invention or development should be of great significance scientifically, should be agenda setting, and undeniably must have had a chief influence, both in terms of the development of the field and its applications to advance mankind. The rule is that that the accomplishment should not have been marked by another major prize. This means that the reward should not come too long after the invention, discovery or development. This is why our winners occasionally receive the Nobel Prize and not the other way around.
Recalling Bill Gates’s passion for philanthropy and his ability to focus on the task at hand, Paul Farmer reminisced,
I was traveling with Bill once in Africa and we decided to go up to the top of this mountain to see the gorillas up close. We’re sitting there, and there’s this beautiful silver-backed gorilla not 5 feet from Bill Gates. And he turns around to me and goes, “Now, where were we in talking about this tuberculosis vaccine?”
In a planet with many celebrities but few heroes, Bill Gates has reached superhuman status by pledging much of his massive fortune to the improvement of global equity. He and his wife have directed the causes of health disparities between rich and poor, and their foundation has become a mainspring in international aid and in research on AIDS and other diseases. In June, the Bill and Melinda Gates Foundation’s likely influence on global health was augmented when Warren Buffett, the world’s second-richest man, broadcast plans to give most of his fortune to the foundation established by the richest one. At the same event, Warren Buffett noted the following on Bill and Melinda Gates:
When I was deciding how to give away my money nine years ago, I reached out to Bill and Melinda Gates and struck the kind of deal I usually make: they do all of the work and I sit back and watch. I’ve studied this country’s great philanthropists: Rockefeller, Carnegie. Henry Ford, you name them. None of them ever poured remotely the amount of personal time, effort, and brainpower into their foundations that Bill and Melinda have.
When the Buffett gift was announced, some observers expressed concern that aid from other sources would decline because the Gates Foundation would be perceived as rich enough to solve the developing world’s health problems.
Venture philanthropy has thrived general philanthropy as a controlling principle in concept and in language. The conversion further blurs the line between the private and the public. Foundations have moved away from setting general humanitarian goals and making grants to outside groups for research and for achievement programs in keeping with the foundation’s general purposes. Foundations today set more specific policy goals and then either create or seek out establishments that will carry out projects for which the significances are set by the foundation. Some of the foundations no longer consent unsolicited applications. Instead of a listing of grants, they are now titled a collection of “investments” directed toward achieving a policy goal. The foundations reinforce research that “aligns with our investment strategy.” The Gates Foundation speaks about its “program-related investments” when speaking of its payments in chase of its aims. Accepting the award, Bill Gates noted:
I have had a lot of fun jobs, but none of them has been as fun as partnering with Melinda and seeing real results. My favorite graph is the one that shows childhood death has been cut in half in 25 years, and my favorite prediction is that we’ll cut it in half again.
I see philanthropy as the venture capital tor government functions. There are certain things the private sector will never fund like fighting malaria or fixing primary health systems, because there is no profit model there. Governments want to fund those things, but it’s difficult for them to work on really long-term issues and to attract the right scientists to solve those problems. Philanthropy can take the risks, do the research and development, and fund the pilot programs to tackle some of the most critical issues in the world.
The late 19th century brought the Gilded Age, with riches created by inventions and opportunities. In the 20th century, capitalism was directed by the managerial revolution that fashioned huge corporations and personal fortunes but also repressed innovation, limited new opportunities, and widened the gap in the distribution of wealth. Executive capitalism is now being replaced by the entrepreneurial capitalism stage, a second Gilded Age, which Acs identifies as the New American Capitalism. Entrepreneurial capitalism necessitates a philanthropy (as represented by Warren Buffett and Andrew Carnegie) that ploughs fortunes into society to offer opportunities for entrepreneurs and capital for entrepreneurial activities such as business incubators. Corporate capitalism reinvigorated traditionally manly rhetoric and actions, from paternalism and self-control to the Great Father and the warrior ethos. Abstracted loyalties to gender and race intensified, and gestures of masculinization saturated American culture. Nor have they slackened much in or own post-millennial atmosphere of white male pathos and bathos. Yet it’s not enough to say that manhood developed new forms of contestation and patriarchal performativity as men’s work alienated their gender codes from their gendered bodies. The rise of large-scale organizations threatened manhood’s usefulness.