Earlier, I submitted data to suggest that traditional economic theory on the trickle-down effect was... discouraging, to say the least. Greed seemed to be good... but much better for a very few, and mediocre at best for the rest.
It was brought to my attention today, an article which offers a hopeful alternative to traditional economic theory...
The $600 Billion Challenge
Bill Gates, Melinda Gates, and Warren Buffett are asking the nation's billionaires to pledge to give at least half their net worth to charity, in their lifetimes or at death. If their campaign succeeds, it could change the face of philanthropy.
Website: http://www.givingpledge.org/Patronage has a place in Renaissance...
Pondering about the potential impact that such a campaign would have, led me to one particular historical precedent. The Renaissance, during 14th century Florence was also funded by the charity of the wealthy; in particular, the Medici Family, one of the first merchant banks in Europe and one of the wealthiest families ever.
Lacking a liquid funding market, artists at the time would often need to find patrons, who would thereby commission works to be done. The Medici Family was the most lavish of such patrons, directly (or indirectly through control of the Papacy) commissioning many works from the finest artists and inventors of the day, including Donatello, Michelangelo, Brunelleschi, and so many others.
Not being a big believer of coincidences, I believe the extravagant funding of the Medici's were directly responsible for the amazing enlightenment achieved during the Renaissance. I can only hope that this $600B campaign can act as a similar catalyst for our own times.
that article is very encouraging.
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