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Small Change


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Table of Contents

Preface vii

Chapter One
Irrational Exuberance
The Rise of "Philanthrocapitalism" 1

Chapter Two
The Good, the Bad, and the Ugly
When Business Thinking Advances Social Change - and When It Doesn't 16

Chapter Three
Missing Evidence
The Change That Philanthrocapitalism Doesn't Make 35

Chapter Four
The High Cost of Mission Drift
Why Human Values and Market Values Don't Mix 63

Chapter Five
The Difference That Makes the Difference
The Decline of Philanthrocapitalism and the Rise of Citizen Philanthropy 86

Acknowledgments 107
Notes 109
Index 118
About the Author 124

About the Author

Michael Edwards is a writer and activist affiliated with the think tank Demos in New York, the Wagner School of Public Service at New York University, and the Brooks World Poverty Institute at Manchester University in the UK. Previously, he was director of the Ford Foundation's Governance and Civil Society Program and worked for the World Bank, Oxfam, and Save the Children.


"An important corrective to the wishful view that bringing capitalist principles to philanthropy will be good for both endeavors."
--Robert Kuttner, coeditor of The American Prospect and author of Everything for Sale

"There are all too few people in today's complex and confusing world who have either the courage or the clarity to speak truth to power. Michael Edwards has both, for which this well-researched, solidly argued, and levelheaded book provides ample evidence."
--Gita Sen, Professor, Indian Institute of Management Bangalore; Adjunct Professor, Harvard School of Public Health; and Research Coordinator, Development Alternatives with Women for a New Era (DAWN)

"Anyone who wants the truth of philanthropy in America should read this book."
--Robert B. Reich, Professor of Public Policy, University of California, Berkeley and author of Supercapitalism

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