Philanthropy is an essential part of the fabric of modern society, and it is often driven by successful business owners who shift their focus after making their fortunes. For example, there is a prominent Jewish leader from Russia who has become well known for his generous donations, as well as his promotion of tolerance between different people. Additionally, he works to improve relations between religious groups.
His work provides a good model for other philanthropists, who can learn from his strategic approach. He streamlines his approach by attending to the issues that matter to him the most; he recently committed several million dollars’ worth of support to an support center that assists families in need of mental health services.
What Exactly Is Philanthropy?
Most common dictionaries define philanthropy as a desire to do good and promote the welfare of others, as well as the act of giving money itself. It is important to distinguish philanthropy from other kinds of corporate practices that may involve giving, especially if they have profit or gain as their motive. Another common mistake is to mix up philanthropy and redistribution by governments, whose motivation is to render assistance and facilities to the public.
Finally, you might wonder if philanthropy is identical to charity. They are not exactly the same concept, even if there is a significant amount of giving that could be considered under both labels. According to some, charity has to do with alleviating the suffering that is caused by some social challenge. On the other hand, philanthropic giving is directed at the higher-level cause of the challenge itself. Keeping that in mind, do not be surprised if you encounter the two words being used interchangeably in practice.
This type of giving has caught on so well that It has become second-nature to see billionaires giving away most of their assets near the end of their lives. Considering the growth of the extremely wealthy, it might not be a huge shock that this is happening. This has been enhanced by the technology boom, as well as the continued growth of financial markets on several continents.
The Many Faces of Philanthropy
One of the most striking features of philanthropy is just how diverse it is. Case in point, the business leader described at the beginning of this article has a number of pet causes, including human rights, mental health, and disarmament of nuclear weapons.
Some donors choose to direct their funds to other areas, such as preventable diseases, poverty, hunger, or fighting corruption worldwide. There are so many causes, it would be impossible to name them all.
The Road Forward
Philanthropic giving is a major solution to a variety of problems in contemporary society. Everyone feels the effects of this type of giving, especially when we use resources like libraries that are built on money provided by donors. Another beneficiary of such aid is unpopular causes that may not receive the help they deserve due to a lack of acknowledgment by the public.