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In addition, the sort of philanthropy has changed. Where in the past a Rockefeller might eradicate hookworm in the South (which was a great humanitarian program, though it also was understood to be good business) today one might fund a think-tank (which, whilst it might also be good for business does not posess the humanitarian aspects of the former.)
I think another issue is that the types of things done now tend to be far far more temporal as well.... For instance, Carnegie funded libraries in many communities- typically working class places where education was sorely needed. The village in my township has one. That type of project was meant to stand forever. The projects now- laptops for kids for instance- are much more temporal and lead to the communities they serve feeling like the people who give aren't really interested in them. They get laptops one year and then never hear from the sponsoring agency ever again. The laptops slowly die and there's no evidence that the program ever existed. And I think this sours a lot of people to charity- from all sides. To make a difference you can't pop in when you feel like it- you have to invest yourself to make people's lives better.
However, even these non-temporal places have been systematically de-funded. There's not even a pre-school reading hour anymore at the local library because they only have the library open 10 hours a week to help kids with homework after school until 5pm. I think one of the issues with giving is that these big names all want to make their own mark rather than supporting the agencies that are already helping people.
That said, I'm a huge supporter of libraries, professional trained librarians, and community spaces and I know not everyone is.