Giving Compass' Take:

• Nishan Degnarain, writing for Forbes, discusses the various resources for next-gen philanthropists to use in order to help finance a post-COVID-19 economy. 

• How can next-generation philanthropists achieve financing goals through collaboration? 

• Read more about philanthropy in the time of COVID-19

Pre-coronavirus pandemic, fissures had appeared in our economies, social cohesion and across global governance institutions. Whether addressing the Climate Crisis, impending biodiversity collapse, building more sustainable food systems, racial justice, gender equality, our health and education systems, trustworthy news, geopolitical tensions, immigration reform, or the social safety net, tensions were simmering just below the surface.

Covid-19 has blown many of these challenges wide open.

These issues have been exacerbated by diverging value systems, by wealth, age, race, gender, political party allegiance, sexual orientation, nationality, religion. In the popular discourse, there appears to be more forces highlighting humanity’s differences rather than what unites us.

Several Governments have signaled that they wish to build back better, notably the EU, UK, Canada. However, many of the decision-making processes remain subject to bureaucratic red tape or entrenched vested interests. Although initially hopeful, many of the recovery programs seen around the world are now likely to create ‘The Great Rebound’ rather than a ‘Great Reset,’ as economic stimulus programs move to restoring systems to pre-crises trajectories rather than radically restructuring what may be possible. These policies are also likely to saddle a younger generation with an unprecedented amount of debt, without a radical shift in trajectory.

At the same time, there are also forces exacerbating divisions across the world – centrifugal forces. Divisive policies in many parts of the world during the coronavirus pandemic has led to popular protests in these countries. There has also been a notable absence of global leadership through traditional infrastructure of the G20, IMF and World Bank, that guided the 2008 Global Financial Crisis and 2011 Eurozone Crisis. The UN and WHO Leadership have also struggled in a context where many Governments are de-prioritizing multilateral institutions.

Read the full article about next-gen philanthropists by Nishan Degnarain at Forbes.