Book review: A New Era of Philanthropy
As funders, we’re understandably preoccupied with seeking change out there — in a world grappling with deepening inequality, injustice and climate breakdown — but what if part of the problem lies within?
Philanthropic leader Dimple Abichandani may just be the critical friend we need. For while she believes the philanthropic sector still has significant ground to cover, her critique is offered with great compassion and a deep understanding and respect for the work. She wants us to get it right — and wholeheartedly believes we can — but first, we need to understand where we’ve come from and the moment we’re in.
Based in the United States, Abichandani sets the scene from a North American perspective, but she could just as well be describing the situation in Australia: “We are living out the consequences of an extractive hyper-capitalistic economy that puts profits before people, of worldviews that see us all as separate, of generations of domination and extraction. We see all around us the harms wrought by systems of greed and exploitation, systems that have not adequately valued life and our planet.”
Working in this context, Abichandani believes philanthropy must evolve its purpose from ‘gilding’ — lightly covering up these systemic challenges — to ‘alchemy’: investing in a true transformation of these systems. For as she rightly points out, philanthropy’s introduction into any system is never neutral: it either affirms and amplifies existing power structures or challenges and shifts them. Her central question is then: what kind of philanthropy meets this urgent moment?
In answer, she proceeds to interrogate ten aspects of philanthropic practice worthy of reflection — if not total reimagining — starting with some of the underlying (and unhelpful) beliefs we may carry as individual donors and as a sector, from the idea that “it’s my money” through to a quiet sense of superiority; the assumption that wealth confers wisdom or expertise. When left unexamined, Abichandani argues, these narratives become the de facto basis from which funders operate.
Abichandani moves on to examine everything from philanthropic strategy and evaluation to investment practices and governance. The latter, she suggests, is widely regarded as a principal blocker of progress yet receives little attention or scrutiny. Certainly, the work of foundation trustees is highly consequential, but also, Abichandani argues, largely opaque and often characterised by low transparency, accountability and proximity.
Abichandani’s exploration of philanthropy’s relationship to time is perhaps the most fascinating, given it’s a relationship that permeates nearly every aspect of philanthropic activity. For example, she questions whether traditional grantmaking cycles still serve the urgency of the moment, as well as the sector’s allegiance to ‘market time’ — where the stock market, rather than grantee needs or social change opportunities, is a more reliable predictor of foundation spending. She also challenges the widespread goal of perpetuity among private foundations — a principle still profoundly shaping contemporary philanthropy — in an era marked by impermanence and ecological collapse.
Across all the dimensions she interrogates, Abichandani offers practical suggestions for new ways of thinking and operating, emphasising the importance of imagination and experimentation, the power of working from a place of mutuality and solidarity, and the necessity of collective action. For while funders may have distinct missions, our mandate is shared: “to transform wealth into justice, freedom and repair.”
A New Era of Philanthropy: Ten Practices to Transform Wealth into a More Just and Sustainable Future, Dimple Abichandani, 2025, North Atlantic Books
Event: A Philanthropy for Our Times: Reimagining Purpose and Practice in a New Era
Mannifera’s Executive Officer Harriet McCallum interviewed Dimple Abichandani about her book, A New Era of Philanthropy, on Tuesday 19 August. Listen to the interview here or watch the video recording.
