Nancy Gibbs uses her latest TIME column to explore Facebook founder Mark Zuckerberg?s recent decision to give $100 million to help improve Newark, N.J., schools.
In comparing Zuckerberg?s actions to those of wealthy business titans of the past, Gibbs buys into the false story line that amassing wealth obligates people to ?give back? to society.
It?s a story line that ignores a crucial question: How did these titans get their money in the first place? In most cases, they started or built businesses that provided products or services many people wanted to buy. In other words, they ?gave society? something of value.
Their donations to charitable causes mark a second act of giving. Which act is more valuable is open to debate.
Economist Dwight Lee discussed this issue in a presentation this spring to the John Locke Foundation. Lee contrasted the ?magnanimous morality? that attracts praise from people like Gibbs with the ?mundane morality? of the market.
