Private Action for the Public Good: Democratic Implications

Abstract

The role of market actors in public affairs appears to be growing more prominent. Leading business executives have recently committed to a model of stakeholder capitalism that puts the common good—rather the profits—at the center of the corporation's mission. Wealthy individuals continue to seek social impact through philanthropic donations, with an increasing number of billionaires committing to give virtually all of their wealth to social causes. There is growing enthusiasm for new organizational forms, such as social enterprises, that tackle social problems by blending elements of commercial and nonprofit enterprise. Meanwhile, ordinary individuals are frequently encouraged to become effective altruists, committed to maximizing their contributions to global wellbeing through strategic decisions about career choice, entrepreneurship, investment, and donation. Collectively, these phenomena represent various ways in which private persons are seeking to improve social conditions through markets and private economic decisions rather than through more conventional forms of political engagement. Rather than seek to advance causes through changes in (e.g.) social policy, regulation, or legal reform, these trends involve efforts to supplement or bypass formal political channels. This panel asks how these phenomena should be evaluated from the perspective of normative democratic theory. In what ways may different forms of private beneficence complement or facilitate the realization of democratic ideals? In what ways may these efforts threaten or undermine democratic norms and institutions? How should these trade-offs be weighed? Although political theorists and philosophers have examined some of these trends in isolation, rarely if ever have they been discussed together. The panel aims to bring together scholars of diverse nationalities, methodological backgrounds, and topical expertise to consider the democratic implications of the growing prominence of private beneficence in public affairs.

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