Non-market Entrepreneurship
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Non-market Entrepreneurship

Interdisciplinary Approaches

Edited by Gordon E. Shockley, Peter M. Frank and Roger R. Stough

As defined by the editors of this book, ‘non-market entrepreneurship’ consists of all forms of entrepreneurship not being undertaken solely for purposes of profit maximization or commercialization, and encompasses entrepreneurial activities such as social enterprise and entrepreneurship, public sector entrepreneurship, policy entrepreneurship, non-profit entrepreneurship, and philanthropic enterprise, among many others. The eminent cast of contributors gives coherence to the academic and public discussions on the topic, builds a theoretical edifice within the field of entrepreneurship and helps to establish and delineate the contours of the research field of non-market entrepreneurship.
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Chapter 5: The Political Economy of the Philanthropic Enterprise

Peter J. Boettke and Christopher J. Coyne

Extract

5. The political economy of the philanthropic enterprise Peter J. Boettke and Christopher J. Coyne INTRODUCTION Warren Buffet recently pledged to donate the majority of his estimated $44 billion estate to the Bill and Melinda Gates Foundation. The pledge, valued at $37 billion, is the largest charitable donation ever. To put the magnitude of this donation in context, compare Buffet’s pledged contribution to two well-known American philanthropists, John D. Rockefeller and Andrew Carnegie. Rockefeller and Carnegie’s total philanthropy was $7.6 billion and $44.1 billion respectively.1 Buffet’s donation makes the Gates Foundation the largest charitable foundation in American and Europe with total assets valued at $60 billion.2 This highlights an increasing trend in private giving by the wealthy in the United States.3 In 2000, Bankers Trust conducted a study of 112 wealthy households to examine the notion of ‘wealth with responsibility’. The underlying motivation was to obtain a measure of how much the wealthy were giving to society in terms of charitable donations. Ninety percent of respondents stated that they have established an estate plan, which leaves 16 percent of their assets to charities, 47 percent to their heirs, and 37 percent goes to government in the form of taxation. The most significant finding, for the purposes of what we wish to discuss in this chapter, is that the Bankers Trust study reports that 66 percent of respondents indicated that they would give more if they had better information on the effectiveness of their charitable donations....

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