Giving Compass' Take:

• Jeff Raikes, cofounder of the Raikes Foundation, discusses inequality and inequity, and how business and philanthropy need to transform the way they operate.

• How are you combatting inequality and inequity in your giving?

• Read about shifting the business purpose conversation.

I think a lot about the ‘bootstraps’ narrative. You know the one – someone who assumes personal responsibility, works hard, and has strong core values can accomplish anything.  And I believe two profound shifts happening in important sectors of our society right now are, at their core, a recognition that you can’t have a ‘bootstraps’ narrative on a tilted playing field.

The two sectors I’ve spent my career in – business and philanthropy – are undergoing a period of self-examination and taking steps toward change that I find deeply encouraging. In philanthropy, the shift is best exemplified by Ford Foundation President Darren Walker’s new book From Generosity to Justice: A New Gospel of Wealth.

What Walker calls for is advancing justice – economic, racial, social, and political justice. And in doing so, calling on the philanthropic sector – and others too – to examine our privilege, transform how we operate, and use our various forms of power to dismantle the systems that allowed such injustices to fester for so long. And the path Walker prescribes is one many philanthropists are now on.

If we are going to begin to reverse the startling 40-year negative trends in both inequity and inequality in this country, capitalism must also evolve. The recent announcement by the Business Roundtable (BRT), setting forth a new purpose for corporations, one where one where all stakeholders – customers, employees, suppliers, communities, and not just shareholders – are essential, represents an important shift.

Read the full article about changing the 'bootstrap' narrative by Jeff Raikes at Forbes.