How Many Billionaires Does it Take to Fix a School System?
Published March 9, 2008
The New York Times
For as long as wealthy Americans have given their money away, education has been a leading recipient of their largess. Andrew Carnegie, Henry Ford, John D. Rockefeller: the biggest philanthropists of the 20th century all gave significant portions of their fortunes to schools, teachers and libraries. Today, according to the Foundation Center, about a quarter of all foundation giving goes to education; overall, only religious organizations receive more charitable donations.
Since the turn of the millennium, education philanthropy has been undergoing a major transition, as a new generation of donors has emerged. The most prominent giver is the Bill and Melinda Gates Foundation, which made its first education donations in 2000 and now directs more than $350 million a year to schools. But Gates is not alone, and the philanthropists who have followed often arrive armed with controversial ideas about education and some very different approaches to giving their money away. Last month, The New York Times Magazine invited five interested parties to lunch to discuss the new world of educational philanthropy. What follows is an edited transcript of the conversation.