Zoltan J. Acs is University Professor and director of the Center for Entrepreneurship and Public Policy in the School of Public Policy at George Mason University. He is the coauthor of Entrepreneurship, Geography, and American Economic Growth.

Finalist for the 2014 George R. Terry Book Award, Academy of Management "In The Gospel of Wealth (1889), Andrew Carnegie urged his prosperous contemporaries to avoid 'hoarding great sums' and to give their 'surplus' wealth away during their lifetimes, to strengthen an economic system that might thereby produce some riches for all. In the more measured tones of an economist, Mr. Acs is making much the same point: A capitalist economy not only enables but requires philanthropy. Through it, entrepreneurs can support the kinds of institutions that generate discoveries and that provide pathways for other people to make their own fortunes."--Leslie Lenkowsky, Wall Street Journal "While philanthropy is generally seen as a positive practice, few view it as a sustaining capitalistic force that drives the economy. Acs seeks to change this in an informative and enlightening ... look at philanthropy's many positive repercussions... Economists will find this book helpful in crystallizing the long-term impact of philanthropy and the degree to which it influences the American economy."--Publishers Weekly "Acs' effort to link philanthropy to greater income equality, opportunity and security is admirable and potentially important."--Glenn C. Altschuler, Tulsa World "The best pro-philanthropy book I know."--Tyler Cowen, Marginal Revolution "Drawing on research conducted over 30-plus years, Acs's examination documents historically how philanthropy has affected and been affected by the entrepreneurial spirit unique to the American economic system... This is a worthwhile read for U.S. economists as well as those wishing to understand how American-style capitalism and philanthropy create innovation."--Elizabeth Nelson, Library Journal "Acs develops an interesting account of American economic history as he traces the activities of philanthropists across the decades."--Kirkus Reviews "Acs' major achievement here is to understand philanthropy's oft-neglected and uniquely American role in economic growth."--Evan Sparks, Philanthropy Magazine "[E]asily the best work on the subject I have read."--Luke Johnson, Financial Times "The book is fast paced and highly readable."--Kathi Coon Badertscher, Enterprise & Society "Acs offers a well-written, well-researched account of the evolution of American capitalism."--Choice "Why Philanthropy Matters is a useful book, appropriate to academics and an informed general readership as well as in undergraduate and graduate seminar-style classrooms (I myself am requiring it in a masters-level seminar this semester)... [I]t raises timely issues about the American economy, in particular the nexus of capitalism and philanthropy in America."--Gordon E. Shockley, Independent Review

• Preface ix Chapter 1. A Conversation 1 Chapter 2. Creating Opportunity 19 Chapter 3. Entrepreneurship and Innovation 46 Chapter 4. The Wealth of Nations 86 Chapter 5. Charity and Philanthropy 121 Chapter 6. American-Style Capitalism 149 Chapter 7. The Global Perspective 176 Epilogue Changing the Tax Laws 200 Pledge Letters 205 Notes 227 Index 241

Zoltan J. Acs is University Professor and director of the Center for Entrepreneurship and Public Policy in the School of Public Policy at George Mason University. He is the coauthor of Entrepreneurship, Geography, and American Economic Growth.

Finalist for the 2014 George R. Terry Book Award, Academy of Management "In The Gospel of Wealth (1889), Andrew Carnegie urged his prosperous contemporaries to avoid 'hoarding great sums' and to give their 'surplus' wealth away during their lifetimes, to strengthen an economic system that might thereby produce some riches for all. In the more measured tones of an economist, Mr. Acs is making much the same point: A capitalist economy not only enables but requires philanthropy. Through it, entrepreneurs can support the kinds of institutions that generate discoveries and that provide pathways for other people to make their own fortunes."--Leslie Lenkowsky, Wall Street Journal "While philanthropy is generally seen as a positive practice, few view it as a sustaining capitalistic force that drives the economy. Acs seeks to change this in an informative and enlightening ... look at philanthropy's many positive repercussions... Economists will find this book helpful in crystallizing the long-term impact of philanthropy and the degree to which it influences the American economy."--Publishers Weekly "Acs' effort to link philanthropy to greater income equality, opportunity and security is admirable and potentially important."--Glenn C. Altschuler, Tulsa World "The best pro-philanthropy book I know."--Tyler Cowen, Marginal Revolution "Drawing on research conducted over 30-plus years, Acs's examination documents historically how philanthropy has affected and been affected by the entrepreneurial spirit unique to the American economic system... This is a worthwhile read for U.S. economists as well as those wishing to understand how American-style capitalism and philanthropy create innovation."--Elizabeth Nelson, Library Journal "Acs develops an interesting account of American economic history as he traces the activities of philanthropists across the decades."--Kirkus Reviews "Acs' major achievement here is to understand philanthropy's oft-neglected and uniquely American role in economic growth."--Evan Sparks, Philanthropy Magazine "[E]asily the best work on the subject I have read."--Luke Johnson, Financial Times "The book is fast paced and highly readable."--Kathi Coon Badertscher, Enterprise & Society "Acs offers a well-written, well-researched account of the evolution of American capitalism."--Choice "Why Philanthropy Matters is a useful book, appropriate to academics and an informed general readership as well as in undergraduate and graduate seminar-style classrooms (I myself am requiring it in a masters-level seminar this semester)... [I]t raises timely issues about the American economy, in particular the nexus of capitalism and philanthropy in America."--Gordon E. Shockley, Independent Review

• Preface ix Chapter 1. A Conversation 1 Chapter 2. Creating Opportunity 19 Chapter 3. Entrepreneurship and Innovation 46 Chapter 4. The Wealth of Nations 86 Chapter 5. Charity and Philanthropy 121 Chapter 6. American-Style Capitalism 149 Chapter 7. The Global Perspective 176 Epilogue Changing the Tax Laws 200 Pledge Letters 205 Notes 227 Index 241

Zoltan J. Acs is University Professor and director of the Center for Entrepreneurship and Public Policy in the School of Public Policy at George Mason University. He is the coauthor of Entrepreneurship, Geography, and American Economic Growth.

Finalist for the 2014 George R. Terry Book Award, Academy of Management "In The Gospel of Wealth (1889), Andrew Carnegie urged his prosperous contemporaries to avoid 'hoarding great sums' and to give their 'surplus' wealth away during their lifetimes, to strengthen an economic system that might thereby produce some riches for all. In the more measured tones of an economist, Mr. Acs is making much the same point: A capitalist economy not only enables but requires philanthropy. Through it, entrepreneurs can support the kinds of institutions that generate discoveries and that provide pathways for other people to make their own fortunes."--Leslie Lenkowsky, Wall Street Journal "While philanthropy is generally seen as a positive practice, few view it as a sustaining capitalistic force that drives the economy. Acs seeks to change this in an informative and enlightening ... look at philanthropy's many positive repercussions... Economists will find this book helpful in crystallizing the long-term impact of philanthropy and the degree to which it influences the American economy."--Publishers Weekly "Acs' effort to link philanthropy to greater income equality, opportunity and security is admirable and potentially important."--Glenn C. Altschuler, Tulsa World "The best pro-philanthropy book I know."--Tyler Cowen, Marginal Revolution "Drawing on research conducted over 30-plus years, Acs's examination documents historically how philanthropy has affected and been affected by the entrepreneurial spirit unique to the American economic system... This is a worthwhile read for U.S. economists as well as those wishing to understand how American-style capitalism and philanthropy create innovation."--Elizabeth Nelson, Library Journal "Acs develops an interesting account of American economic history as he traces the activities of philanthropists across the decades."--Kirkus Reviews "Acs' major achievement here is to understand philanthropy's oft-neglected and uniquely American role in economic growth."--Evan Sparks, Philanthropy Magazine "[E]asily the best work on the subject I have read."--Luke Johnson, Financial Times "The book is fast paced and highly readable."--Kathi Coon Badertscher, Enterprise & Society "Acs offers a well-written, well-researched account of the evolution of American capitalism."--Choice "Why Philanthropy Matters is a useful book, appropriate to academics and an informed general readership as well as in undergraduate and graduate seminar-style classrooms (I myself am requiring it in a masters-level seminar this semester)... [I]t raises timely issues about the American economy, in particular the nexus of capitalism and philanthropy in America."--Gordon E. Shockley, Independent Review

• Preface ix Chapter 1. A Conversation 1 Chapter 2. Creating Opportunity 19 Chapter 3. Entrepreneurship and Innovation 46 Chapter 4. The Wealth of Nations 86 Chapter 5. Charity and Philanthropy 121 Chapter 6. American-Style Capitalism 149 Chapter 7. The Global Perspective 176 Epilogue Changing the Tax Laws 200 Pledge Letters 205 Notes 227 Index 241