Economist sees many facets to philanthropy's value

Economist sees many facets to philanthropy's value: "Economist sees many facets to philanthropy's value

Most people think that Americans are generous because we are rich. But I will argue that we are rich because we are generous. American generosity creates a significant force in the country's economy. It sustains the mutuality and upward mobility that create a healthy democracy. We often think of philanthropy as charity, and philanthropy can play that role when crises strike. But we should think of generosity as 'health insurance' for the republic. In the great American tradition, generosity is 'self interest rightly understood.'"