Private Altriusm

The markets have been charged with many forms of atrocities such as greed, materialistism and uncharitableness and many others. In short, private altruism is not possible…

chart courtesy of the Economist

From the Economist (highlights mine), ``AMERICA'S government is frequently accused of stinginess when it comes to foreign aid: the official sort is just a TINY proportion of annual GDP. But donations from INDIVIDUALS and BUSINESSES are startlingly high. American private giving to poor countries amounted to $34.8 billion in 2006, dwarfing that of other rich nations, according to the Index of Global Philanthropy published on Monday May 12th by the Hudson Institute, a think-tank. An established culture of philanthropy and charity contributes to direct aid-giving, as does a generous tax regime.”