The recent Theodore Schleifer piece in The New York Times, “The Billionaire Backlash Against a Philanthropic Dream,” chronicles the fading momentum of the Giving Pledge—the initiative where billionaires pledge to give away at least half their wealth. But Schleifer’s coverage misses a more fundamental problem: both the Giving Pledge and similar efforts assume it’s normal, and acceptable, for individuals to accumulate extraordinary wealth first, then give back selectively. The real question shouldn’t be how billionaires distribute their fortunes, it should... Continue Reading