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Philanthropy and Economic Development: New Roles and Strategies

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  • Robert Giloth

Abstract

Philanthropic investments in economic development—including grants, technical assistance, program-related investments, policy advocacy, and civic leadership—have increased during the past decades. Philanthropic support for economic development provides flexible, timely resources for innovation, capacity building, and policy advocacy. While philanthropy is often associated with social equity approaches, philanthropic investments in economic development are quite diverse—downtown development, place-based renewal, social enterprises, and economic development networks. This study reviews existing data about philanthropy and economic development, vignettes of foundation investments, and nonprofit perspectives about new foundation roles. Overall, place-rooted foundations are most engaged in economic development, while many national foundations are formulating broader strategic frameworks related to economic inclusion. Foundations are helping achieve concrete economic development results; future research requires improvements in data and in-depth case studies of places with significant philanthropic engagement.

Suggested Citation

  • Robert Giloth, 2019. "Philanthropy and Economic Development: New Roles and Strategies," Economic Development Quarterly, , vol. 33(3), pages 159-169, August.
    • Handle: RePEc:sae:ecdequ:v:33:y:2019:i:3:p:159-169
    DOI: 10.1177/0891242419839464
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    References listed on IDEAS

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    1. Robert Giloth, 1995. "Social Investment in Jobs: Foundation Perspectives on Targeted Economic Development during the 1990s," Economic Development Quarterly, , vol. 9(3), pages 279-289, August.
    2. Loet Leydesdorff & Henry Etzkowitz, 1996. "Emergence of a Triple Helix of university—industry—government relations," Science and Public Policy, Oxford University Press, vol. 23(5), pages 279-286, October.
    3. Dana Rotz & Nan Maxwell & Adam Dunn, "undated". "Economic Self-Sufficiency and Life Stability One Year After Starting a Social Enterprise Job," Mathematica Policy Research Reports 24697e16229b4f6b8fd5763f2, Mathematica Policy Research.
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    Cited by:

    1. Syrus M. Islam, 2022. "Impact investing in social sector organisations: a systematic review and research agenda," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 709-737, March.
    2. Yasuyuki Motoyama, 2020. "Beyond formal policies: Informal functions of mayor’s offices to promote entrepreneurship," Local Economy, London South Bank University, vol. 35(2), pages 155-164, March.
    3. Shailesh Rastogi & Akanksha Goel & Adesh Doifode, 2023. "Open APIs in banking and inclusive growth: an innovation to support the poverty eradication programs in India," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(4), pages 432-444, December.

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