New Frontiers of Philanthropy: A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing PDF
Preview New Frontiers of Philanthropy: A Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing
New FroNtiers oF PhilaNthroPy New FroNtiers oF PHILANTHROPY A Guide to the New Tools and Actors Reshaping Global Philanthropy and Social Investing Lester M. Salamon, Editor 1 1 Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Oxford is a registered trademark of Oxford University Press in the UK and certain other countries. Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016 © Lester M. Salamon 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by license, or under terms agreed with the appropriate reproduction rights organization. Inquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above. You must not circulate this work in any other form and you must impose this same condition on any acquirer. Library of Congress Cataloging-in-Publication Data New frontiers of philanthropy : a guide to the new tools and actors reshaping global philanthropy and social investing / edited by Lester M. Salamon. pages cm Includes bibliographical references and index. ISBN 978–0–19–935754–3 (hardback : alk. paper) 1. Charities. 2. Investments—Moral and ethical aspects. I. Salamon, Lester M. HV40.N448 2014 361.7—dc23 2013043895 9 8 7 6 5 4 3 2 1 Printed in the United States of America on acid-free paper For Vanessa, Cas, Ben, Dominick, Zoe, and Zev, May they grow up in a world in which the new frontiers of philanthropy Have helped to open opportunities and improve life chances For all of the world’s children. There are moments in history when the needs of an age prompt lasting, promising innovation. —Monitor Institute, 2009 CoNteNts List of Figures ....................................................xi List of Tables ...................................................xiii List of Boxes .....................................................xv Foreword .......................................................xvii Preface ........................................................xxi Acknowledgments ...............................................xxv Directory of Participants ........................................xxvii PART I INTRODUCTION . . . . . . . . . . . . . . . . . . . . 1 CHAPTER 1 THE REvoluTion on THE FRonTiERs oF PHilAnTHRoPy: An inTRoDuCTion ..........................................................................3 Lester M. Salamon PART II NEW ACTORS . . . . . . . . . . . . . . . . . . . . . 89 CHAPTER 2 CAPiTAl AggREgAToRs ...................................................... 91 Lisa Richter CHAPTER 3 sEConDARy MARkETs ......................................................121 David J. Erickson CHAPTER 4 soCiAl AnD EnviRonMEnTAl ExCHAngEs ...........................144 Durreen Shahnaz, Robert Kraybill, and Lester M. Salamon CHAPTER 5 FounDATions As “PHilAnTHRoPiC BAnks” ........................165 Lester M. Salamon and William Burckart CHAPTER 6 EnTERPRisE BRokERs .......................................................209 Lisa Hagerman and David Wood CHAPTER 7 CAPACiTy BuilDERs .........................................................221 Melinda T. Tuan CHAPTER 8 onlinE PoRTAls AnD ExCHAngEs ......................................240 Vince Stehle CHAPTER 9 CoRPoRATE-oRiginATED CHARiTABlE FunDs .......................255 Rick Cohen CHAPTER 10 FunDing CollABoRATivEs ..............................................291 Angela M. Eikenberry and Jessica Bearman viii CONTENTS PART III NEW TOOLS . . . . . . . . . . . . . . . . . . . . . 309 CHAPTER 11 ovERviEw: THE nEw Tools oF “PHilAnTHRoPy” ................311 Luther M. Ragin Jr. CHAPTER 12 loAns, loAn guARAnTEEs, AnD oTHER CREDiT EnHAnCEMEnTs ..........................................................................314 Norah McVeigh and Julia Sass Rubin CHAPTER 13 FixED-inCoME sECuRiTiEs ..............................................341 Elise Balboni and Shari Berenbach CHAPTER 14 sECuRiTizATion ............................................................366 Mary Tingerthal CHAPTER 15 PRivATE EquiTy invEsTMEnTs .........................................395 Monica Brand and John Kohler CHAPTER 16 soCiAl-iMPACT BonDs/PAy-FoR-suCCEss FinAnCing .........424 Drew von Glahn and Caroline Whistler CHAPTER 17 insuRAnCE ...................................................................457 Craig Churchill and Lauren Peterson CHAPTER 18 soCiAlly REsPonsiBlE invEsTing AnD PuRCHAsing .........495 Steve Lydenberg and Katie Grace CHAPTER 19 nEw FoRMs oF gRAnTMAking: CoMPETiTions, PRizEs, AnD CRowD souRCing .....................................................514 Peter Frumkin PART IV CROSSCUTTING ISSUES . . . . . . . . . . . . . 537 CHAPTER 20 wHo gAins, wHo losEs? DisTRiBuTionAl iMPACTs oF THE nEw PHilAnTHRoPy ..............................................539 Part A: Who Loses? Michael Edwards Part B: Who Gains? Matthew Bishop and Michael Green CHAPTER 21 THE DEMAnD siDE oF THE soCiAl invEsTMEnT MARkETPlACE .............................................................................562 Alex Nicholls and Rod Schwartz CHAPTER 22 THE ElusivE quEsT FoR iMPACT: THE Evolving PRACTiCE oF soCiAl-iMPACT MEAsuREMEnT .....................................................583 Brian Trelstad Contents ix CHAPTER 23 THE nEw FRonTiERs oF PHilAnTHRoPy in gloBAl PERsPECTivE ..............................................................................604 Maximilian Martin CHAPTER 24 A PoliCy AgEnDA FoR THE nEw FRonTiERs oF PHilAnTHRoPy .......................................................................636 Shirley Sagawa Appendix: New Frontiers of Philanthropy Project Advisory Committee ...655 Glossary .......................................................657 Bibliography ....................................................663 Index ..........................................................703
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