ABSTRACT
Educational philanthropy has been involved with supporting the pursuit of wealth by the rich, sheltering income from taxes, and capturing public wealth to champion projects and priorities that serve the philanthropist. Much educational philanthropy creates the conditions for public schooling to provide opportunities for ruling-class people to profit from public schooling through contracting arrangements, privatization schemes, and selling tests, curriculum, pedagogical programs, and materials. While traditional philanthropy largely allowed the use of funds to be controlled by the recipient, venture philanthropy was developed to retain control and increase strategic influence on the uses of money. While venture philanthropies are nonprofit foundations albeit with a business agenda, model, and service, a subsequent trend in philanthropy, philanthrocapitalism, further erodes the distinction between capitalist profit-seeking and charity. Traditional philanthropic foundations such as the Rockefeller and Bloomberg Foundations have spearheaded so-called innovative educational finance in recent years that goes by the name of impact investing.
