Philanthropy and endowed foundation are good and vitally important institutions of modern society. They fit in well with the way advanced market economies are developing, in particular with the nexus between private and public benefit in an era of "small" government and greater social diversity. As institutions, however, they are facing new threats: declining resources relative to needs, and questions about their accountability and performance. In recent years individual philanthropists and foundation leaders have looked to strategic philanthropy as a way of becoming more effective and efficient. Strategic philanthropy can help foundations to think about structures and processes, but it does not provide any answer to the more fundamental questions about foundations' distinctive roles in contributing to public good. This important new book provides an overview of creative philanthropy along with an analysis of the theory and practice of philanthropy. The authors spell out the...

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