Philanthropic Wokeism Undermines Free Market Principles

Philanthropic Wokeism Undermines Free Market Principles

May 17, 2021 Richard Graber

The following excerpt is from an article published on May 17, 2021 by Real Clear Markets. You can read the full article by clicking here.

Recently, the Ford Foundation announced plans to provide $1 billion in funding toward social justice programs, an extension of the $1 billion they handed out in 2015.  The resulting press coverage, including a profile of their president on 60 Minutes, was effusive. 

Ford is not alone in their philanthropic wokeism. Many other large foundations have followed suit. The Mellon Foundation, one of the largest funders of the arts and humanities, is now prioritizing social justice in all its grantmaking. The Rockefeller Foundation too is committing $1 billion over the next three years to “catalyze a more inclusive, green recovery from COVID.”

While well-intentioned, there has been almost no scrutiny of grant making that supports social justice activism. Have the billions of dollars spent on it resulted in greater equity and quality of life for those it purports to help?

To be clear, a diverse range of philanthropies are supporting tremendous organizations with noble causes. America’s ideals allow everyone from the average citizen to the wealthiest foundation to fund what they choose. And certainly, charity should continue to help the most vulnerable in society.

Click here to keep reading on RealClearMarkets.com.