In an opinion piece in the New York Times he questioned the effectiveness of philanthropy, including some examples of mistakes of his own that led to his change of view.
Quick to respond were Matt Bishop and Michael Green the authors of Philanthrocapitalism. The solution to Buffet's issues is already here, they say. Its name is surprise, surprise, “Philanthrocapitalism”. My own reading of what Buffett says is different from Bishop and Green. I do, however, agree with them (and Buffett) on the importance of philanthropic money being used as risk capital, and of achieving systemic change.
Two contributors from Forbes were next off the rank. Howard Husock drew historical parallels between Buffett and two of his American predecessors – John D. Rockefeller Jr. and Henry Ford II. All three argues Husock were wrong to doubt the system that gave them each their untold wealth.
Tom Watson, on the other hand applauds Buffet - agreeing with one of his main points and disagreeing with another. The disagreement is on the data on which Buffet’s argument appears to be based. His agreement too is that philanthropy ought to provide risk capital.
Phil Buchanan from the Center for Effective Philanthropy also takes Buffett to task but he doesn’t spare any of Bishop and Green, Husock or Watson either. Not surprisingly for the President of an organization dedicated to researching how to make philanthropy more effective his conclusion Buchanan approves the overall debate. “We need to ask the big questions,” he says.
Some of the big questions Buffett has asked are
- Aren't the figures who are leading philanthropy also leaders (or former leaders) of the very system that contributed the inequity now being redressed?
- Are business principles and capitalism really the solutions?
- Do existing models of philanthropy take sufficient regard of different cultures, geography or societal norms?
What you might wonder does Buffett’s famous father have to say about the debate? Well he is all in favour (or 'favor' maybe) says Peter on Huff Live. Adding, "I grew up in a family with both parents being very much around equality, humanism, how can we make this world a better place for all ... I kind of grew up in this environment of social change and saying things out loud.”
By the way, if you're looking forsome music to round this discussion off you can listen to Peter Buffett’s latest song “Already Flown”
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