Sometime around 1739, the founders of London’s Foundling Hospital were the first people in the modern age to use the word ‘philanthropy’ to mean the project of forming “a voluntary enterprise of private persons, moved by ‘an Inclination to promote Publick Good.’”1Robert A. Gross, “Giving in America: From Charity to Philanthropy” in Charity, Philanthropy, and Civility in American History, edited by Lawrence J. Friedman and Mark D. McGarvie (New York: Cambridge, 2002), 37 This is what philanthropy means in the modern world: private wealth used for public good. The ‘public good’ that the creators of the Foundling Hospital had…
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