The political economy of philanthropy: Vidich’s contribution to a revamped intellectual endeavour

The prevailing approach to philanthropy among economists has revolved around individual giving behaviour. Although some elements for a political economy perspective to philanthropy were sketched by a few economists in the 60s and 70s, they were disjointed and such an approach never took off. This article reviews the early evolution of economic thinking on philanthropy and examines the ideas of sociologist Arthur Vidich, which provide relevant elements for the construction of a systemic, political economy framework to philanthropy. Building on Marxist analytical principles, Vidich offers some organising themes for the study of philanthropy from a sociologist’s viewpoint. However, the economic nature of this phenomenon is somewhat missing in his work and needs to be addressed. This article explores two major channels through which the contemporary economic dynamics affects philanthropy: the financialisation and the technological change, and calls for a comprehensive inclusion of philanthropy in the analysis of the economic system.