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Giving Compass' Take:
· As more discussions surface about the systems that allow the rich to get richer and leading to more inequality, the author identifies the Bezos Day One Fund as an example of this dichotomy.
· Bezo hasn't said whether his funding is seed money or a fixed endowment which highlights another critique of philanthropy: transparency.
· Here's a closer look at Jeff Bezos' preschool investment.
From Jeff Bezos' free preschools to Andrew Carnegie's public libraries, education stands out as a favorite cause among America's wealthiest people.
And as the rich get richer, and apparently more generous, this legacy of so-called investment philanthropy has shaped government priorities and driven policy changes. But with such high-profile giving fueled by both capitalism and poverty, critics have thrust that dichotomy into the spotlight, challenging how the system that allowed these philanthropists to amass their fortunes ultimately contributes to the social problems they're trying to address.
Bezos announced this fall he's dedicating half of his new $2 billion Bezos Day One Fund toward creating free preschools in low-income communities nationwide, which could make him the top philanthropic funder of early education.
It's unknown if Bezos considers this seed money or a fixed endowment, but the tech titan, newspaper owner and space entrepreneur is clear he wants to disrupt the status quo in the same way his Amazon.com company has changed retail, declaring his preschoolers are "the customer."
Read the full article about Jeff Bezos' preschools by Sally Ho at Financial Post.