Philanthropy has been remade in the corporation’s image through venture philanthropy.

Evidence

The Gates Foundation forms a key part of a broader shift in philanthropy towards a financialized model. Charities, NGOs and “social capital” or “social innovation” firms are now expected to manage themselves as corporations by developing rigorous metrics for measuring “impact” and “success” and by trimming budget lines, relying on temporary or intern labour that makes work ever more precarious (see Guthman 2008). Sometimes going by the name of “venture philanthropy,” this approach often focuses on short-term, measurable results, much as in the corporate world, where ever-increasing quarterly profits help inflate stock prices while potentially (usually) damaging or completely curtailing long-term strategy. Moreover, many of the charities, NGOs and initiatives funded by such venture philanthropy foundations aim to leverage social and subjective change out of relatively small investments. In keeping with a broader neoliberal hostility towards relationships of long-term dependency, preference goes to schemes that supply small injections of funding to help individuals, groups or neighbourhoods “enter the market” and succeed (or fail) on their own accord (Ball and Olmedo 2011; Bateman 2010; Roy 2012b). — Max Haiven, Cultures of Financialization, 419

Categorization

• XREF: Connects directly to deWaard’s cultural argument about finance colonizing everyday domains — philanthropy as a vehicle for financial logic to reshape social concern. — connects to: Charitable donations and grants are being reframed as investments requiring measurable social returns — Ève Chiapello, Financialisation of Valuation, 69; Venture capital logic migrated into philanthropy through venture philanthropy and social entrepreneurship — Ève Chiapello, Financialisation of Valuation, 73; Venture philanthropy reframes justice as enlightened self-interest for markets. — Max Haiven, Cultures of Financialization, 423
• SEED: Article angle: venture philanthropy as the financialization of empathy/generosity — how compassion got a quarterly-report metric.

Broader Connections

• Venture philanthropy reframes justice as enlightened self-interest for markets. #expands (0.90) — Max Haiven, Cultures of Financialization, 423