Tuesday, June 30, 2009

Philanthropy and Markets

Alex Tabarrok reviews The Blue Sweater by Jacqueline Novogratz. I had reservations about the book based on a few reviews, but Alex changed my mind. This part perfectly captures the work of Zoltan Acs and coathors:
[...] but by investing in entrepreneurs who must listen to their customers a charitable venture-capital firm can multiply the effectiveness of its philanthropy.
There is a powerful role both for the market and for philanthropy...Philanthropy alone lacks the feedback mechanism of markets, which are the best listening devices we have; and yet markets alone too easily leave the most vulnerable behind.

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